THE government will have a unified effort in strengthening intersectoral ties for economic recovery, the Finance chief assured the Filipino-Chinese business community at the weekend.
“The Marcos Jr. administration is built on the premise that unity is vital for recovery. We will stay true to this principle and strengthen intersectoral linkages as envisioned in the Philippine Development Plan 2023 to 2028,” Finance Secretary Benjamin Diokno said during the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII)’s 33rd Biennial Convention recently.
The FFCCCII brings together chambers of commerce and trade associations from all over the Philippines to promote business growth and improve the competitiveness of micro, small and medium enterprises (MSMEs).
The Federation has been a development partner of the government since 1954.
“For almost seven decades, the Federation has consistently devoted itself to promoting cooperation and co-prosperity between Filipino and Chinese businesses,” Diokno said.
The secretary said, to strengthen intersectoral linkages, the government will harness the public-private partnership (PPP) mechanism to help the public sector finance massive Build, Better, More infrastructure programs through mutually beneficial agreements with private proponents.
PPPs can be undertaken through various modes, such as the Build-Operate-Transfer (BOT) Law.
Its recently revised Implementing Rules and Regulations (IRR) addressed stakeholder concerns on the financial viability and bankability of PPP projects, potential delays, rigid processes and ambiguous provisions.
Meanwhile, the PPP Act was approved by the House of Representatives on third reading in December 2022 and is now pending in the Senate.
On March 9, the National Economic and Development Authority (NEDA) Board approved 194 high-impact Infrastructure Flagship Projects (IFPs), with a combined value of P9 trillion.
The 45 of the IFPs are financed through PPPs.
Diokno also cited the importance of enhancing the ease of doing business through digitalization, noting the E-Governance bill that recently hurdled the House of Representatives.
“Once enacted, the Bill is expected to enhance the ease of doing business in the country and improve public trust in the government. As business leaders, I hope that you will lead the charge in ushering digital transformation initiatives in your respective fields and industries,” he said.
Diokno pointed out that the Philippines is now part of the largest trade agreement in the world, along with China.
The Regional Comprehensive Economic Partnership (RCEP) agreement creates a free trade zone covering 30 percent of the world’s population, 29 percent of global gross domestic product (GDP), 29 percent of global trade, and 33 percent of global inward investments in 2020.
Since RCEP promotes the growth and development of MSMEs which make up 99 percent of businesses in the Philippines, the DOF chief said he looks forward to more opportunities with the Filipino-Chinese business community.
“I look forward to the Federation’s continued support in fostering friendly relations between the Filipino and Chinese business communities in the years to come,” Diokno added.
