Australia is providing the Philippines with a AU$45-million (around P2 billion) grant to support reforms and projects designed to expand economic opportunities, the Department of Finance (DOF) said Tuesday, September 23.
The assistance will be implemented through the Promoting Growth, Resilience, Economic Stability, and Sustainability in the Philippines (PROGRESS) Subsidiary Arrangement Program, which focuses on improving the country’s business environment and supporting sustainable economic growth.
Making it easier to do business
The DOF said the program will help address regulatory and other barriers that can make it difficult or costly for businesses and investors to operate.
PROGRESS will support efforts to make government regulations more predictable, streamline processes, and reduce the cost of doing business. It will also back reforms in key areas such as clean energy and critical minerals.
Finance Secretary Frederick Go said the grant underscores Australia’s continued support for the Philippines’ development priorities.
Supporting major infrastructure projects
The program will also contribute to the development of the Luzon Economic Corridor (LEC) by providing assistance for project preparation, faster government approvals, public-private partnerships, and blended financing.
The DOF said these measures are intended to help priority projects move from the planning stage toward implementation.
The agency added that the initiative could help strengthen the country’s competitiveness and energy security while expanding regional supply chains, potentially opening more opportunities for investments, businesses, and employment.
Complementing existing government reforms
PROGRESS will build on several reforms already being pursued by the Philippine government, including the CREATE MORE Act, Green Lanes for Strategic Investments, the PPP Code, land and right-of-way reforms, and the digitalization of government services.
Go said the DOF will coordinate with Australia and other development partners to translate the program into concrete results.
“We want to have tangible results immediately. Together, let us deliver PROGRESS as fast as possible for Filipinos,” he said.
