“When businesses grow, jobs are created. When systems improve, services become faster, more accessible. When growth reaches more people, lives and communities are transformed.”
The Philippines, through the Department of Finance (DOF), has secured a grant from Australia to support a program that will improve the country’s policy and business environment—ultimately creating more formal jobs and strengthening the economy for Filipinos.
The Promoting Growth, Resilience, Economic Stability and Sustainability in the Philippines Program (PROGRESS) is Australia’s flagship initiative to help the Philippines achieve economic growth that benefits all Filipinos and is resilient against future challenges.
The Subsidiary Arrangement for PROGRESS was signed between Finance Secretary Frederick D. Go and Australian Ambassador Marc Innes-Brown PSM.
Funded by a grant of up to AUD 45 million, PROGRESS aims to help the country overcome barriers to economic growth.
This means addressing 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.
To do this, PROGRESS will focus on private sector growth by improving the ease of doing business and supporting small and medium-sized enterprises’ (SMEs) investments, especially in clean energy, climate mitigation, and growth-enhancing sectors.
The program will also strengthen government institutions and advance policy and regulatory reforms in strategic areas that enable sustainable growth like energy transition and critical mineral resources.
The program will be undertaken by an Implementing Managing Contractor (IMC), to be supervised and managed by the DOF and Australia’s Department of Foreign Affairs and Trade (DFAT).
It includes technical assistance to strengthen capacity; climate finance to mobilize funds for SME investments; and Strategic Activities Fund (SAF) to provide flexible support for research and innovation, among others.
As the lead implementing agency, the DOF stands ready to work closely with the Australian Embassy and key partner agencies, including Anti-Red Tape Authority (ARTA), Department of Energy (DOE), Department of Trade and Industry (DTI), and Department of Economy, Planning, and Development (DEPDev), to ensure coordinated and results-oriented implementation.
PROGRESS will mean more quality jobs, stronger support for businesses, and a more resilient economy that benefits communities across the country.
