Finance Secretary Benjamin Diokno underscored the Marcos administration’s message of unity and committed to strengthening inter-sectoral ties for economic recovery as he addressed the Filipino-Chinese business community.
“The Marcos Jr. administration is built on the premise that unity is vital for recovery. We will stay true to this principle and strengthen inter-sectoral linkages as envisioned in the Philippine Development Plan 2023 to 2028,” Diokno said during 33rd Biennial Convention of the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII).
The FFCCCII brings together chambers of commerce and trade associations from all over the Philippines to promote business growth and improve the competitiveness of micro, small and medium enterprises (MSMEs). The Federation has been a development partner of the government since 1954.
“For almost seven decades, the Federation has consistently devoted itself to promoting cooperation and co-prosperity between Filipino and Chinese businesses,” Diokno said.
To strengthen inter-sectoral linkages, the government will harness the public-private partnership (PPP) mechanism to help the public sector finance massive Build, Better, More infrastructure programs through mutually beneficial agreements with private proponents.
PPPs can be undertaken through various modes, such as the Build-Operate-Transfer (BOT) Law. Its recently revised Implementing Rules and Regulations (IRR) addressed stakeholder concerns on the financial viability and bankability of PPP projects, potential delays, rigid processes, and ambiguous provisions.
Meanwhile, the PPP Act was approved by the House of Representatives on third reading in December 2022 and is now pending in the Senate.
On March 9, the National Economic and Development Authority (NEDA) Board approved 194 high-impact Infrastructure Flagship Projects (IFPs), with a combined value of PHP9 trillion. 45 of the IFPs are financed through PPPs.
Diokno also emphasized the importance of enhancing the ease of doing business through digitalization, citing the E-Governance Bill that recently passed the lower house.
“Once enacted, the Bill is expected to enhance the ease of doing business in the country and improve public trust in the government. As business leaders, I hope that you will lead the charge in ushering digital transformation initiatives in your respective fields and industries,” he said.
According to Diokno, the Philippines is now part of the largest trade agreement in the world, along with China, via the Regional Comprehensive Economic Partnership (RCEP).
Since RCEP promotes the growth and development of MSMEs, which make up 99 percent of businesses in the Philippines, the Department of Finance chief looks forward to more opportunities with the Filipino-Chinese business community.
“I look forward to the Federation’s continued support in fostering friendly relations between the Filipino and Chinese business communities in the years to come,” Diokno said.
