The Philippines was able to gain new sources of official development assistance (ODA) this year, according to the National Economic and Development Authority (Neda).
In a statement, Socioeconomic Planning Secretary Ernesto M. Pernia said these were among the achievements of the national government this year.
Pernia said the Philippines was able to secure ODA funding for a number of its projects from countries like Japan, which now accounts for 36 percent of the country’s total ODA.
“This year has also seen many new and renewed international partnerships,” Pernia added. “Apart from Japan, we have had fruitful bilateral talks with China, Korea, Germany, Austria and Italy, and Israel, on various development projects in line with our priorities.”
Further, Pernia said the country continued to introduce reforms that would encourage more investors to do business in the Philippines through the easing of restrictions on foreign investments under the Regular Foreign Investment Negative List (RFINL).
In a memorandum order signed on November 21 by Executive Secretary Salvador C. Medialdea, the President instructed the Neda Board to exert effort to lift or ease restrictions on certain investment areas with limited foreign participation.
These investment areas include restrictions in private recruitment for both local and overseas employment; practice of specific professions, where the entry of foreign players will affect public benefit; contracts for the construction and repair of locally funded public works; and public services, except for public utilities, such as power transmission and distribution, water-pipeline distribution system and sewerage-pipeline system.
The presidential memorandum also mandates the Neda Board to ease foreign participation in culture, production, milling, processing and trading, except retailing, of rice and corn; retail-trade enterprises; teaching at higher education levels; and domestic market enterprises. Under the 10th RFINL, culture, production, milling, processing and trading, except retailing, of rice and corn is listed under 40-percent foreign equity, while retail-trade enterprises with paid-up capital of less than $2.5 million are not allowed for foreign investors.
“The revised list covers easing foreign investment restrictions on contracts for construction and repair of projects, practice of professions, telcos, teaching at higher education levels, retail trade enterprises and domestic market enterprises,” Pernia added.
Apart from these, Pernia considered the launch of the Philippine Development Plan 2017-2022 in June as among the key achievements of the government. He added that the crafting of the Public Investment Program 2017-2022, which lists specific programs and projects needed for the PDP’s strategies to materialize, is also important. Further, he said the Neda Board approved 20 project proposals—14 new projects and six changes in ongoing projects—this year alone. Most of these projects will be funded locally or through ODA. Counting last year’s approvals, the total is 36 projects.
“The Duterte administration will be relentless and unflinching in directing its efforts toward infrastructure development, regional and rural development and human-capital development through 2022, to fight poverty and reduce inequality in our country,” Pernia said.