Australia bets on PHL grants PhP2-Billion to expand jobs and investment

PH secures PhP2-Billion Australia grant to expand jobs and investment

Philippine Information Agency
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.

South Korea keen on investing in Luzon Economic Corridor

Philippines, South Korea scaling up economic cooperation

Aubrey Rose Inosante

Philstar Global

10 July 2026

MANILA, Philippines — The Philippines and South Korea are scaling up economic cooperation through strategic investments under the Luzon Economic Corridor (LEC) and potential collaboration on nuclear energy, the Department of Finance (DOF) said.

Finance Secretary Frederick Go and Korean Ambassador Lee Sang-Hwa reaffirmed their commitment to expanding economic cooperation, including opportunities under the LEC.

The two countries are strengthening their economic partnership through strategic investments in high-value manufacturing, semiconductors, shipbuilding and infrastructure.

The partnership leveraged Korea’s technical expertise and the Philippines’ young workforce, the DOF said.

“These investments represent opportunities for Filipinos through better jobs, improved connectivity and more reliable services. We look forward to working closely with Korea to deliver projects that are truly responsive to the needs of the people,” Go said.

Among the investments mentioned was the expansion of the multilayer ceramic capacitor (MLCC) manufacturing facility of Samsung Electro-Mechanics Philippines in Laguna.

MLCCs are vital components of automobiles, smartphones and other electronic devices.

Go and the Korean envoy also noted SFA Semicon’s proposed expansion investment, HD Hyundai Heavy Industries’ shipbuilding operations in Subic and the construction of two major railway projects that will enhance connectivity across Luzon.

The Philippines and Korea are likewise deepening maritime cooperation through HD Hyundai Heavy Industries Philippines, which is set to launch its first locally built vessel at its Subic shipyard this year.

Korea is also a key partner in the construction of the North-South Commuter Railway and the Subic-Clark-Manila-Batangas Railway, which are touted to slash travel time and cost.

Potential cooperation on nuclear energy to diversify the country’s energy mix and support long-term economic growth was also explored.

“As a trusted and enduring partner, the Republic of Korea remains committed to deepening substantive cooperation with its strategic partner, the Philippines, to build a shared future marked by mutual prosperity, resilience and sustainable growth,” Lee said.

28 priority projects lined up for Luzon Economic Corridor

28 priority projects lined up for Luzon Economic Corridor

Philstar Global
27 May 2024

MANILA, Philippines — The Philippine government has presented a list of 28 priority projects in areas such as infrastructure development, electronics and semiconductors, food production and storage and renewable energy sourcing in the proposed Luzon Economic Corridor.

Special Assistant to the President for investment and economic affairs Frederick Go said these projects provide opportunities for investment and development along the corridor, which will connect Luzon’s key economic hubs: Subic Bay, Clark, Manila and Batangas.

Government finance and economic leaders from the United States and Japan recently met with their Philippine counterparts in Manila to seal their commitments to fast-track the Luzon Economic Corridor project.  Following a plenary session of the Indo-Pacific Business Forum that tackled how US government tools catalyze investments in partner economies, the business leaders gathered and took the opportunity to convene a tripartite steering committee that will see through the development of the prosperity corridor. 

The formation of the steering committee is the result of the leaders’ commitment in April to develop the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment (PGI) Indo-Pacific Economic Framework (IPEF) Investment Accelerator.

“We in the United States side represent the different agencies that will all be significant piece of making this a reality from our side,” senior advisor to the US President for energy and investment Amos Hochstein said.

He likewise cited the establishment of a local office of the US International Development Finance Corp. as clear proof of the American government’s supportive stance on the ambitious development.

“We’re here. The US side is represented, for this effort, by the Eximbank, USIDFCA, the USAID, the TDA and Department of Commerce and Department of State, so I think we’re trying to bring the whole breadth of the US government to this effort,” he added.

Deputy CEO of the USIDFC Nisha Biswal confirmed plans to set up shop in the country in the coming months: “We are very excited to open an office here in Manila and in a few months we are going here. (Our) continuous presence here will allow us to coordinate much purposefully and, with all of you, we will be able to connect with the private sector and be able to increase our pipeline projects in the Philippines.”

On the part of the Japanese group, Hideo Ishizuki, director-general of the International Cooperation Bureau stressed their country’s intention to move the project forward: “We share the recognition of the importance of the Luzon Economic Corridor region and Japan is supporting connectivity in the region including railways and roads, through JICA, for many years.  Having an inter-agency delegation from the Japanese side demonstrates our enthusiasm to advance this tripartite partnership for the Luzon economic corridor.”