September 25, 2026
The Governments of the Philippines and Australia are stepping up efforts to create more economic opportunities for Filipinos through the AUD45-million (around PhP2 billion) Promoting Growth, Resilience, Economic Stability, and Sustainability in the Philippines (PROGRESS) Subsidiary Arrangement Program.
The program will support reforms that make it easier to do business, attract investments, and strengthen the government’s capacity to deliver sustainable and inclusive growth.
“This grant reflects Australia’s continued commitment to our development priorities,” Finance Secretary Frederick D. Go said during the launch of the PROGRESS subsidiary arrangement program.
PROGRESS will support initiatives to reduce unnecessary barriers, improve regulatory predictability, lower the cost of doing business, and implement reforms in strategic areas such as clean energy and critical minerals.
It will also support the Luzon Economic Corridor (LEC) through project preparation, streamlined approvals, public-private partnerships, and blended finance.
These interventions will help move priority projects from the pipeline to implementation, strengthen the Philippines’ competitiveness and energy security, and deepen regional supply chains—creating more opportunities for investments, businesses, and jobs.
PROGRESS will also build on the Philippines’ ongoing reform agenda, including the CREATE MORE Act, Green Lanes for Strategic Investments, PPP Code, land and right-of-way reforms, and the continuing digitalization of government processes.
The launch puts into action the shared commitment established through the signing of the PROGRESS Subsidiary Arrangement in March. It brings together partner agencies and stakeholders to translate the program’s objectives into concrete interventions, shared ownership, and measurable results.
The Philippines and Australia have maintained more than 80 years of bilateral relations and five decades of development cooperation. PROGRESS further strengthens this partnership in support of the Philippines’ development priorities.
“The Department of Finance is committed to working closely with Australia and all our partners. We want to have tangible results immediately. Together, let us deliver PROGRESS as fast as possible for Filipinos,” Sec. Frederick Go said.
No comments:
Post a Comment