The Philippines and Australia have launched a multimillion-dollar initiative to streamline the country’s business environment and accelerate formal job creation, the Department of Finance (DOF) announced Thursday.
The Promoting Growth, Resilience, Economic Stability and Sustainability in the Philippines (PROGRESS) program is supported by an Australian grant of up to Au%45 million. The flagship initiative aims to address income inequality, slow job growth and systemic barriers affecting marginalized groups while shielding the economy from climate-related shocks.
Department of Finance Secretary Frederick Go and Australian Ambassador Marc Innes-Brown signed the subsidiary arrangement for the program, which will be supervised by the DOF and the Australian Department of Foreign Affairs and Trade.
“When businesses grow, jobs are created. When systems improve, services become faster, more accessible. When growth reaches more people, lives and communities are transformed,” the DOF said in a statement.
The program focuses on private sector expansion by improving the ease of doing business and incentivizing investments from small and medium-sized enterprises. Specific priority areas include clean energy, climate mitigation and the management of critical mineral resources.
An implementing managing contractor will handle the technical aspects of the program, including capacity building and the management of a strategic activities fund for research and innovation. It also features a climate finance component designed to mobilize capital for green investments.
As the lead agency, the DOF will coordinate with the Anti-Red Tape Authority, Department of Energy, Department of Trade and Industry and Department of Economy, Planning and Development.
The government expects the reforms to create a more resilient economy that benefits 115 million Filipinos through better-regulated strategic sectors.
