Assalamu alaikum wa Rahmatullahi wa Barakatuh.

I am thrilled to share that our country successfully concluded the first Philippine Economic Dialogue (PED) in Milan, Italy, on May 6, 2025, held on the sidelines of the 58th Annual Meeting of the Asian Development Bank’s (ADB’s) Board of Governors.

It was an honor and privilege to be part of this important event, with Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan. It gathered over 100 potential investors, international stakeholders, and development partners to enhance our global partnerships and convey to the world that the Philippines is ready and open for business.

The Philippine Economic Team, composed of the Department of Budget and Management (DBM), DEPDev, Department of Finance, Bureau of Treasury, and Bangko Sentral ng Pilipinas, and the Department of Agriculture, among others, seized the opportunity to showcase game-changing reforms, policy directions, and initiatives to make our country an investment magnet.

On my part, I highlighted that under President Ferdinand R. Marcos, Jr.’s (PBBM’s) transformative leadership, our ₱6.326 trillion FY 2025 National Budget plays a pivotal role in sustaining economic growth and resilience. We are investing in key sectors, such as education, health, social protection, and infrastructure development. The ₱1.645 trillion allocated for the Build-Better-More program, which is 5.7 percent of GDP, will fund the construction of key infrastructure projects that promote physical connectivity and inclusive economic growth, including road networks [₱624.8 billion], flood control systems (₱350.5 billion), railways (₱17.93 billion), airport systems (₱7.70 billion), irrigation systems (₱56.42 billion), school buildings (₱37.09 billion), and hospitals and health centers (₱19.43 billion).

Further, I underscored the government’s commitment to climate resilience, noting that our climate change expenditures grew by 152.7 percent from last year’s budget, the highest budget increase since 2015, accounting for 18.3 percent of the FY 2025 National Budget and well above the target of 9.0 percent under the Philippine Development Plan (PDP) 2023-2028.

I also showcased the administration's landmark reform, the New Government Procurement Act—the country’s biggest anti-corruption measure in recent history. I highlighted the e-marketplace, an online platform where government agencies may procure supplies and equipment from competent and reputable suppliers, noting its success in procuring motor vehicles, airline tickets, cloud computing services, and software licenses, and shared the eventual introduction of new items.

With all these, I agree with DEPDev Secretary Balisacan when he underscored, in his keynote speech that, “At our current growth trajectory—and barring significant external shocks—we anticipate reaching a $2 trillion economy by 2050.”

PH recognitions

I am happy to note that our development partners recognized our transformative initiatives.

In his closing remarks, ADB Southeast Asia Department Director General Winfried Wicklein stated that the Philippines is a very important and increasingly thriving member-state of the ASEAN, concluding that “there has never been a more exciting time to invest in the Philippines.”

In addition, Lombardy Region, Italy Undersecretary for International and European Relations Raffaele Cattaneo pointed out that our country “have all the conditions to be one of the protagonists, as one of the fastest-growing economies in Asia with a large and young population.”

Italian banks and companies likewise acknowledged the Philippines as one of the most attractive destinations for international investments, given its sustainable growth and economic resilience.

Engaging with development and private sector partners

The Economic Team also took the opportunity to engage with various development and private sector partners in Milan.

I had a separate dialogue with Citi Vice Chairman of Banking and Public Sector Jay Collins and FreeBalance President and CEO Manuel Schiappa Pietra, to discuss our digitalization initiatives, including the implementation of the Integrated Financial Management Information System (IFMIS) that will make government financial management processes more efficient and effective.

I also met with the French delegation to discuss collaboration efforts with the Agence Française de Développement to strengthen our country's climate change adaptation efforts. Meanwhile, in a meeting with the United Kingdom delegation, I underscored our country's initiatives on disaster risk reduction and management and infrastructure, especially in Mindanao.

Further, I was privileged to meet with the newly-elected ADB President and Board of Directors Chairperson Mr. Masato Kanda to discuss and thank ADB’s support through the Official Development Assistance (ODA) projects and to our public financial management and education reforms; and with the Organization of the Petroleum Exporting Countries Fund for International Development Vice President for Public Sector Shaimaa Al-Sheiby to discuss our climate resilience, food security, and digitalization agenda.

Beyond budget, the first-ever PED held in Italy reaffirmed our country’s position as an emerging economy. It signaled to Italy, Europe, and the rest of the world that the Philippines is thriving, competitive, and open for business. However, we must sustain this position through more transformative initiatives. On DBM's part, rest assured that we will continue to institute reforms that will make budget and management processes responsive, transparent, inclusive, sustainable, and future-proof, not only to flourish businesses but to enhance every Filipino’s quality of life in our Bagong Pilipinas.