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Manila Bulletin devider Business devider DOF vows 'blockbuster' growth to attract Australian investors

DOF vows 'blockbuster' growth to attract Australian investors

Published Mar 4, 2024 09:11 am

The Department of Finance (DOF) has promoted the outlook of "blockbuster" economic growth as the Marcos administration lures Australian investors to consider investing in the Philippines.

During the Philippine Business Forum in Melbourne, Australia, Finance Secretary Ralph G. Recto highlighted the promising investment landscape for Australian investors in the country. 

Recto also assured that the country has rolled out the red carpet and reserved the best seat for them.

“This is an exciting opportunity that Australian investors should certainly not miss out on,” Recto told around 100 Australian business and investment leaders and government officials during the forum on Monday, March 4.

Recto then laid out the DOF’s detailed strategy to stimulate investment-driven growth with its Growth-Enhancing Actions and Resolutions (GEARs), which aligns with the government's fiscal consolidation plan known as the Medium-Term Fiscal Framework (MTFF).

“A key aspect of this strategy is welcoming investors with open arms to achieve investments-led growth through improvements in the regulatory regime, reduction in the cost of doing business, and addressing constraints,” he said. 

The Finance chief emphasized that President Marcos’ swift enactment of the Public-Private Partnership (PPP) Code of the Philippines is a resounding testament to the government’s commitment to fostering stronger collaboration with the private sector.

Signed into law last Dec. 5, the PPP Code offers a stable, predictable, and competitive environment where high-quality PPP investments can thrive.

It leverages over three decades of experience with the Build-Operate-Transfer (BOT) Law and integrates best practices to streamline processes, reduce transaction costs, and enhance the ease of doing business for PPPs.

Recto urged Australian investors to invest in the country’s flagship infrastructure projects primed and ready for PPP investments under the president’s Build Better More program. 

The program features 185 big-ticket infrastructure projects worth P9.14 trillion (about $163 billion) ranging from power, physical connectivity, rural development, water resources, digitalization, sustainable initiatives, and healthcare.

The finance chief said the government’s swift approval of the solicited PPP proposal to rehabilitate the Ninoy Aquino International Airport (NAIA), which was the fastest approved PPP project in history evaluated in an unprecedented six weeks.

“Rest assured, you can expect nothing less than the same speed and efficient handling of your investments when you partner with us,” he said.

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Department of Finance (DOF) ralph recto Finance Secretary
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