By AT A GLANCE
- The Philippine government prioritizes investments in digital transformation and clean energy to improve public service delivery and reduce business costs.
- Finance Secretary Benjamin E. Diokno said investments in physical and digital connectivity, as well as clean energy, are crucial for the country as an archipelagic nation.
- The goal is to achieve a 50 percent renewable energy share in the power generation mix by 2040, requiring an investment of P5.8 trillion.
- Reforms in investment and trade regimes are being undertaken to open up the economy and attract foreign investments.
- Foreign Direct Investments (FDIs) are encouraged in sectors that will generate high-quality jobs, including agri-business, responsible mining, renewable energy, manufacturing, creatives, and services.
- The Bangko Sentral ng Pilipinas (BSP) aims for a digital payments transformation roadmap, targeting at least 50 percent of retail payments transactions to be digital by the end of the year.
- The goal is to onboard at least seventy percent of Filipino adults into the formal financial system, promoting financial inclusion.
The Philippine government will prioritize looking for investments in digital transformation and clean energy.
In an economic briefing in Dubai, Budget Secretary Amenah F. Pangandaman said that digital transformation will improve public service delivery and reduce the cost of doing business in the country.
“In our budget priority, we make sure that the National Agencies put on top their digital transformation programs,” Pangandaman said.
In August, Pangandaman and Landbank President and Chief Executive Officer Lynette V. Ortiz signed a memorandum of agreement on the use of the Government Purchase Card.
The budget chief said the credit card can be used to cover immediate miscellaneous expenses for government agencies, which will save them from the hassle of lengthy paperwork and requisition processes.
Meanwhile, Finance Secretary Benjamin E. Diokno said that investments in physical and digital connectivity, and clean energy are necessary for the country as an archipelagic country
“A growing economy needs a lot of energy,” Diokno added.
The total investment in the country’s renewable energy power projects requires P5.8 trillion to achieve 50 percent renewable energy share in its power generation mix by 2040, as noted in the Clean Energy Scenario of the Philippine Energy Plan 2020 to 2040.
Meanwhile, National Economic and Development Authority Secretary Arsenio M. Balisacan noted that the country has been reforming its investment and trade regimes to open up the economy and support a sound foreign investment climate.
“We would like to see those Foreign Direct Investments in sectors that will generate high-quality jobs,” Balisacan added.
These sectors, he said, include agri-business, responsible mining, renewable energy, manufacturing, creatives, and services.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. called for digital payments transformation roadmap.
He said that it will target at least 50 percent of the total volume of retail payments transactions done digitally by the end of the year and at least seventy percent of Filipino adults onboarded to the formal financial system.