Australia Grants P2 Billion to Philippines for Job Creation Initiatives

The Philippine government has secured a AU$45-million (around P2 billion) grant from the Australian government to finance initiatives aimed at creating more economic opportunities for Filipinos, the Department of Finance (DOF) said Tuesday. In a statement, the DOF said the AU$45-million grant would fund the Promoting Growth, Resilience, Economic Stability, and Sustainability in the Philippines (PROGRESS) Subsidiary Arrangement Program. The Finance Department said PROGRESS 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,” said Finance Secretary Frederick Go. The DOF, moreover, said 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. The program will also support the Luzon Economic Corridor (LEC) through project preparation, streamlined approvals, public-private partnerships, and blended finance. The agency said interventions under PROGRESS 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. The DOF added that 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 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,” said Go. — BM, GMA News