PHL secures P1.88-B grant from Australia

THE PHILIPPINES has secured a grant from Australia worth A$45 million, or about P1.88 billion, aimed at improving the country’s policy and business environment.

In a statement on Wednesday, the Department of Finance (DoF) said it will work with the Australian Embassy and key partner agencies to implement Australia’s flagship initiative, the Promoting Growth, Resilience, Economic Stability and Sustainability in the Philippines Program (PROGRESS).

The program will improve ease of doing business in the country and support small and medium-sized enterprises’ (SMEs) investments, particularly in clean energy, climate mitigation, and growth-enhancing sectors.

It will also strengthen government institutions and advance policy and regulatory reforms in areas such as energy transition and critical mineral resources to enable sustainable growth.

PROGRESS also includes technical assistance to strengthen capacity; climate finance to mobilize funds for SME investments; and Strategic Activities Fund to provide flexible support for research and innovation, among others.

The program aims to address slow formal job creation, income inequality, systemic barriers affecting women, persons with disabilities, and marginalized groups, global and regional uncertainties, and vulnerability to climate-related shocks.

PROGRESS will be led by an Implementing Managing Contractor, to be supervised and managed by the DoF and Australia’s Department of Foreign Affairs and Trade.

Other agencies that will work with the DoF include the Anti-Red Tape Authority, Department of Energy, Department of Trade and Industry, and Department of Economy, Planning, and Development. — Aaron Michael C. Sy