Private sector ‘critical factor’ in economic recovery—DOF
The Department of Finance (DOF) is luring the private sector to invest in the country particularly with the revised implementing rules and regulations of the Build-Operate-Transfer (BOT) law.
At the 54th Annual Conference of the Financial Executives Institute of the Philippines (FINEX), Finance Secretary Benjamin E. Diokno noted that private sector participation will be a critical factor in the Philippines’ economic recovery prospects.
“The participation of the private sector will be critical in our economic resurgence... Just recently, we approved the revisions to the 2022 Implementing Rules and Regulations of the Build-Operate-Transfer Law,” Diokno said.
“This will be key in our bid to unlock the many benefits of public-private partnerships ,” he added.
Diokno detailed that in the near term, the BOT Law will allow the Philippines to sustain its momentum in infrastructure spending despite budgetary constraints.
Over the medium term, it will reap high-multiplier effects for the economy, the finance chief said.
He added that the renewed commitment to PPPs and the newly-enacted economic liberalization laws will support the government’s infrastructure program.
“We have inherited a number of game-changing reforms that will help us build a more business-friendly environment for both domestic and foreign investors,” Diokno said.
He also shared that Congress has demonstrated its full support for the government’s Medium-Term Fiscal Framework (MTFF), which will ensure the alignment of the government’s legislative agenda with its macroeconomic targets for 2022 to 2028.
Proposed measures will promote efficient tax administration, upgrade digital infrastructure, and mainstream environmental sustainability to address the impact of climate change.
At present, the government is pushing for the passage of the remaining tax reform packages of the previous administration, including the Real Property Valuation and Assessment Reform Bill and the Passive Income and Financial Intermediaries Taxation Bill.
“The Department of Finance stands ready to support and collaborate with the private sector in transforming the Philippine business landscape into one that is genuinely inclusive, sustainable, and future-proof,” said Diokno.