Gov’t pursuing reforms for steady economic surge

The government is committed to implementing various reforms to drive sustained economic growth, according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.

Speaking at the Fourth Philippines-Singapore Business and Investment Summit in Singapore, Balisacan emphasized the need for investments in infrastructure and innovation to support the government’s goal of achieving a sustainable and environmentally conscious future.

These investments, he noted, are key to enhancing resilience against climate-related risks.

The Philippines ranks as the most vulnerable country to climate change and disasters, according to the 2023 World Risk Report, Balisacan pointed out.

He stressed the importance of making significant investments in infrastructure that is both sustainable and resilient to boost the country’s economic resilience, protect the environment, and create high-quality jobs. 

Balisacan also discussed the government’s current portfolio of 164 public-private partnership (PPP) projects in areas such as physical and digital connectivity, healthcare, water management, sanitation, waste management, and energy. These projects are valued at an estimated P3.2 trillion.

In addition, he highlighted 186 flagship infrastructure projects, which include improvements in irrigation, water resources, agriculture, and energy sectors. 

Beyond infrastructure, Balisacan reiterated the government’s focus on human and social development by building resilient and livable communities that can withstand environmental hazards and adapt to the impacts of climate change.

He stressed that collaboration with the private sector is crucial in achieving a smooth transition to a low-carbon economy that aligns with the country’s development needs.

Balisacan also underscored the importance of science, technology, and innovation in addressing the country’s development challenges and risks.

The government is also prioritizing reforms such as the Rationalization of the Mining Fiscal Regime, amendments to the Electric Power Industry Reform Act, the Excise Tax on Single-Use Plastics, and the establishment of a Department of Water Resources to ensure inclusive and sustainable growth.