PH secures AU$45-M Aussie grant to improve ease of doing business

The Philippine government, through the Department of Finance (DOF), has secured a grant from the Australian government to support an initiative aimed at improving the country’s policy and business environment.

In a statement on Wednesday, the DOF said Finance Secretary Frederick Go and Australian Ambassador Marc Innes-Brown signed a grant arrangement for PROGRESS.

PROGRESS, which stands for Promoting Growth, Resilience, Economic Stability and Sustainability in the Philippines Program, is “Australia’s flagship initiative to help the Philippines achieve economic growth that benefits all Filipinos and is resilient against future challenges,” according to the Finance Department.

The DOF said PROGRESS will focus on private sector growth by improving the ease of doing business and supporting small and medium-sized enterprises’ (SMEs) investments, especially in clean energy, climate mitigation, and growth-enhancing sectors.

The program will also strengthen government institutions and advance policy and regulatory reforms in strategic areas that enable sustainable growth like energy transition and critical mineral resources, it said.

Moreover, it added that the program will be undertaken by an Implementing Managing Contractor (IMC), to be supervised and managed by the DOF and Australia’s Department of Foreign Affairs and Trade (DFAT).

The DOF said it stands ready to work closely with the Australian Embassy and key partner agencies, including Anti-Red Tape Authority (ARTA), Department of Energy (DOE), Department of Trade and Industry (DTI), and Department of Economy, Planning, and Development (DEPDev), to ensure coordinated and results-oriented implementation.

“PROGRESS will mean more quality jobs, stronger support for businesses, and a more resilient economy that benefits communities across the country,” it said. —RF, GMA Integrated News