Finance Secretary Benjamin Diokno underscored the importance of public-private cooperation in nation-building and assured the business community that the government welcomes ideas and proposals towards inclusive and sustainable growth.
“[W]e cannot achieve any of these alone. We recognize that effective public-private cooperation holds the key to a host of desirable goals such as workforce upskilling, climate change mitigation, and infrastructure development,” said Secretary Diokno in his keynote during the Pilipinas Conference 2022 organized by research organization Stratbase ADR Institute.
Secretary Diokno commended the strength, resilience, and adaptability of the business community which helped in keeping the economy afloat throughout the pandemic.
He said that while the effects of the pandemic still linger and new concerns are emerging, the country is able to move forward with confidence, equipped with the right fiscal tools and encouraged by latest economic indicators.
For the first three quarters of 2022, the economy grew by 7.7 percent despite inflationary pressures and other risks.
“This suggests that we are well on our way to securing our full-year target of 6.5 to 7.5 percent. We might even achieve the upper bound of this target,” said Secretary Diokno.
The government expects the economy faster in 2023 to 2028 at 6.5 to 8.0 percent.
Secretary Diokno cited rising foreign direct investment (FDI) inflows, above-target revenue collections, and record-low unemployment as key signs of economic recovery.
Secretary Diokno said that the government has crafted an eight-point socioeconomic agenda containing strategic interventions to decisively address current challenges.
The economic team also prepared the first-ever Medium-Term Fiscal Framework (MTFF) that promotes fiscal prudence and outlines a cohesive strategy to support plans for infrastructure development, digitalization, and human capital development.
Secretary Diokno said that the government will harness the public-private partnership mechanism to execute impactful projects.
“[T]o demonstrate our commitment, we have revised the implementing rules and regulations of the Build-Operate-Transfer Law. Transparency and accountability underpin the revised IRR, particularly in processing infrastructure or development projects, to arrive at the real cost of the project to the government, consumers, and taxpayers,” said Secretary Diokno.
The government also anticipates significant benefits from the implementation of key structural reforms such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law and the economic liberalization laws.
“The task of rebuilding the economy requires a concerted, whole-of-nation effort. So, let’s work together to deliver to the Filipino people a prosperous nation and a secure future,” said Secretary Diokno.