The funding will be provided through the Promoting Growth, Resilience, Economic Stability, and Sustainability in the Philippines (PROGRESS) Subsidiary Arrangement Program.
Finance Secretary Frederick Go said the grant underscored Australia’s support for the Philippines’ development priorities.
“This grant reflects Australia’s continued commitment to our development priorities,” Go was quoted in a statement as saying during the program’s launch.
Business reforms
PROGRESS will support initiatives to remove unnecessary barriers to business, improve regulatory predictability and pursue reforms in strategic sectors such as clean energy and critical minerals.
The program will also support the Luzon Economic Corridor through project preparation, streamlined approvals, public-private partnerships and blended finance.
The government said these measures are intended to help move priority infrastructure projects from the pipeline to implementation while strengthening Philippine competitiveness, energy security and regional supply chains.
PROGRESS will build on reforms already being pursued by the government, including the CREATE MORE Act, Green Lanes for Strategic Investments, the Public-Private Partnership Code, land and right-of-way reforms and the continuing digitalization of government processes.
Longstanding ties
The program follows the signing of the PROGRESS Subsidiary Arrangement in March and brings together government agencies and other stakeholders to translate its objectives into specific initiatives and measurable results.
The Philippines and Australia have maintained bilateral relations for more than 80 years and development cooperation for five decades.
Go said the Department of Finance would work with Australia and other partners to deliver the program quickly.
“We want to have tangible results immediately. Together, let us deliver PROGRESS as fast as possible for Filipinos,” he said. —Ed: Corrie S. Narisma
