PH, AIIB eye collaboration on digitalization, energy 

The Philippine government and the China-led multilateral lender Asian Infrastructure Investment Bank (AIIB) are exploring possible collaboration in digitalization and energy, the Department of Finance (DOF) said Friday.

In a news release, the DOF said the possible partnership with AIIB aims to significantly improve the ease of doing business and accelerate the development of critical energy infrastructure in the country.

The agency said Finance Secretary Frederick Go, during a meeting with AIIB officials, proposed two important priority areas for the Philippines —enhancing digitalization and bringing down energy costs.

“Two of the major issues in the ease of doing business are red tape and high energy costs. If there’s a way for us to work on these, then we can significantly enhance public service delivery and improve our investment environment which will help us grow the economy,” said Go.

On digitalization, Go underscored the need to improve government processes and reduce red tape for more sustainable and efficient public service delivery. He noted that reforms in this area will result in more meaningful and long-term benefits for the country.

The Finance chief also sought long-term solutions that will make electricity more affordable and reliable for Filipino households, businesses, and investors alike.

The DOF said AIIB’s comparative advantage in this area, particularly in developing renewable energy projects such as solar, wind, and hydro, will help the Philippines transition to sustainable energy sources, lowering power costs in the long term.

AIIB president Zou Jiayi, for her part, reaffirmed their commitment to supporting the Philippines’ development priorities through financing and technical assistance tailored to the country’s needs.

“We are here to listen and understand how we can support your priorities for the Philippines,” she said.

The bank also expressed interest in supporting projects involving water management and governance, among other critical infrastructure initiatives, emphasizing that water is a vital natural asset requiring sustainable investment, according to the DOF.

Moreover, AIIB can provide non-sovereign-based financing to support the private sector.—LDF, GMA News