The Department of Finance (DOF) said the government is determined to drive pro-business reforms, enhance the regulatory framework, reduce the cost of doing business, and tackle existing constraints in the country.

Finance Secretary Ralph G. Recto said these initiatives are integral part of their Growth-Enhancing Actions and Resolutions (GEARs) plan, aimed at ensuring the country's progress towards achieving growth-enhancing fiscal consolidation.

According to the finance chief, these efforts will create an enabling environment for investment that fosters job creation.

Under the GEARs plan, the DOF will prioritize the amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Recto said these amendments will address investor concerns, customize incentives, and attract strategic investments to the country.

“The ease of doing business is what builds investment-led growth that creates more quality jobs in a land whose talents far outstrip opportunities that could harness them,” Recto said.

With its high multiplier effect on the economy, he said the government will also vigorously implement President Marcos’ Build Better More program to generate more employment and investments.

The government targets an annual infrastructure spending of five percent to six percent of the economy, or gross domestic product (GDP).

“The government will leverage private sector capital and expertise through the recently enacted Public-Private Partnership (PPP) Code to cut the infrastructure backlog, free up fiscal space for social services, and generate jobs that boost domestic consumption,” the DOF said.

Meanwhile, Recto said that his goal to meet revenue collection targets through the continued enhancement of tax administration efficiency that will result in increased funds for education, upskilling, worker training, healthcare, and other human capital development programs.

These initiatives are vital for improving the readiness of Filipinos for high-quality job opportunities, he cited.

“Our greatest asset is our people. This is something even countries worldwide recognize. Thus, we will prioritize empowering them further by investing heavily in human capital development to prime and prepare them for the best and the brightest opportunities ahead,” Recto said.