Australia is launching a P2-billion economic program in the Philippines to attract investment, advance business reforms and strengthen fiscal management over the next five years.
The Promoting Growth, Resilience, Economic Stability and Sustainability in the Philippines (PROGRESS) program will provide AUD45 million, or about P2 billion, to support inclusive and sustainable economic growth.
Under the initiative, Australia will work with the Philippine government on targeted reforms aimed at improving the ease of doing business, increasing investment and trade, and accelerating the development of priority industries, including clean energy and resources.
“PROGRESS will enhance our cooperation and support the Philippines to achieve strong and inclusive economic growth,” Australian Assistant Minister Matt Thistlethwaite said.
The program will also support stronger fiscal management, helping reinforce the government’s capacity to implement economic reforms and maintain a stable environment for investment.
“By supporting key reforms that improve the ease of doing business in the Philippines, help increase investment and trade, and enable the growth of priority sectors such as clean energy and resources, PROGRESS will contribute to economic growth that creates opportunities for all Filipinos,” Thistlethwaite said.
Australia said the program would place inclusion at the center of its economic agenda by expanding opportunities for women, persons with disabilities and marginalized groups to participate in and benefit from economic growth.
PROGRESS adds a new economic pillar to the longstanding Philippines-Australia partnership as both countries seek to deepen trade and investment ties while building greater resilience against economic and fiscal pressures.
