During a meeting with AIIB officials, Finance Secretary Frederick D. Go identified reducing red tape and lowering electricity costs as among the country’s priority concerns.
“Two of the major issues in the ease of doing business are red tape and high energy costs. If there’s a way for us to work on these, then we can significantly enhance public service delivery and improve our investment environment which will help us grow the economy,” Go said.
Digital reforms
Go underscored the need to improve government digitalization initiatives to streamline public services and make transactions more efficient for businesses and citizens.
He said reforms aimed at reducing bureaucratic processes would create more sustainable and long-term benefits for the country.
The Finance chief also emphasized the importance of finding long-term solutions to make electricity more affordable and reliable for households, businesses, and investors.
Energy support
The AIIB’s expertise in renewable energy development, including solar, wind, and hydro projects, is expected to help the Philippines accelerate its transition to sustainable energy sources and reduce power costs over time.
AIIB president Zou Jiayi reaffirmed the bank’s commitment to supporting the Philippines through financing and technical assistance tailored to the country’s development priorities.
“We are here to listen and understand how we can support your priorities for the Philippines,” Zou said.
The AIIB also expressed interest in supporting projects related to water management, governance, and other critical infrastructure initiatives.
In addition, the multilateral bank said it could provide non-sovereign financing to help support private sector projects in the country. —Ed: Corrie S. Narisma
