The Philippines is set to boost formal employment and economic resilience as the country successfully secured a 45 million Australian dollar (PHP1.88 billion) grant through the Department of Finance (DOF).
The DOF said the fund would support a program to improve the country’s policy and business environment.
“When businesses grow, jobs are created. When systems improve, services become faster and more accessible. When growth reaches more people, lives and communities are transformed,” the DOF said as quoted in a news release Wednesday.
It said the funding will back the Promoting Growth, Resilience, Economic Stability, and Sustainability in the Philippines Program (PROGRESS), signed by Finance Secretary Frederick Go and Australian Ambassador Marc Innes-Brown PSM.
The program, Australia’s flagship initiative, aimed to help the Philippines achieve economic growth to benefit Filipinos and help the country achieve economic resiliency.
PROGRESS aims to make the economy more inclusive by addressing barriers to formal job creation, income inequality, and obstacles faced by women, persons with disabilities, and other marginalized groups.
The program will focus on small and medium-sized enterprises (SMEs) and help them invest 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,” the agency said.
The DOF will supervise and manage the program implementation to be undertaken by an Implementing Managing Contractor, with oversight from Australia’s Department of Foreign Affairs and Trade.
The program will provide technical assistance, climate finance for SME investments, and a Strategic Activities Fund for research and innovation.
The DOF will coordinate with the Anti-Red Tape Authority, the Department of Energy, the Department of Trade and Industry, the Department of Economy, Planning, and Development, and the Australian Embassy in the Philippines to ensure results-oriented implementation. (PNA)
