The Philippine government and the Asian Infrastructure Investment Bank (AIIB) are exploring partnerships in digitalization and energy, aimed at significantly improving the ease of doing business and accelerating the development of critical infrastructure in the country to grow the economy.

In a meeting with AIIB officials, Finance Secretary Frederick D. Go proposed two important priority areas for the Philippines––enhancing digitalization and bringing down energy costs.

“Two of the major issues in the ease of doing business are red tape and high energy costs. If there’s a way for us to work on these, then we can significantly enhance public service delivery and improve our investment environment which will help us grow the economy,” he said.

On digitalization, Secretary Frederick Go underscored the need to improve government processes and reduce red tape for more sustainable and efficient public service delivery. He noted that reforms in this area will result in more meaningful and long-term benefits for the country.

The Finance Chief also sought long-term solutions that will make electricity more affordable and reliable for Filipino households, businesses, and investors alike.

The AIIB’s comparative advantage in this area, particularly in the development of renewable energy projects such as solar, wind, and hydro, will help the Philippines transition towards sustainable energy sources, helping lower power costs in the long term.

AIIB President Zou Jiayi reaffirmed their commitment to supporting the Philippines’ development priorities through financing and technical assistance tailored to the country’s needs.

“We are here to listen and understand how we can support your priorities for the Philippines,” she said.

The Bank also expressed interest in supporting projects involving water management and governance, among other critical infrastructure initiatives, emphasizing that water is a vital natural asset that requires sustainable investment.

In addition, the AIIB can provide non-sovereign based financing to support the private sector.

Secretary Frederick Go expressed his eagerness to work with the AIIB, while emphasizing the importance of the timely completion of ongoing infrastructure projects so that Filipinos can benefit from them as soon as possible.