Australia shares infra expertise

The Australian government will share its technical expertise to the Philippines’ publicprivate partnership infrastructure projects, the Department of Finance said on Friday.

Finance Secretary Benjamin Diokno made the statement as Australia launched its Partnerships for Infrastructure initiative in the country, which aims to foster inclusive growth through sustainable infrastructure.

“This opportunity could not have come at a better time. Building on the back of the previous administration’s expansive infrastructure program, the Marcos Jr. administration is determined to reverse the Philippines’ decades-long pattern of underinvestment in infrastructure,” Diokno said.

The Finance chief stressed PPPs would speed up investments, ensure standards for high-quality infrastructure, and support the nation’s efforts to maintain infrastructure spending at five to six percent of the economy annually without putting undue pressure on the government’s finances.

The first PPP project under the current administration, estimated at $109 million, was approved by the National Economic and Development Authority Board on 2 February.

“To demonstrate our commitment, we amended the implementing rules and regulations of the Build-Operate-Transfer Law within the first 100 days of the Marcos Jr. administration,” Diokno said.

He pointed out that these reforms aim to ensure that all financial contributions to public projects adhere to global best practices.

The Finance Secretary also emphasized the importance of sustainable infrastructure to enhance access to basic services, promote environmental sustainability, and support inclusive growth.

According to Diokno, delivering infrastructure to the rural areas will minimize regional disparities and benefit local economies that have long been left in the margins.

“We hope that this event marks the beginning of a more fruitful collaboration in infrastructure development. Our revised PPP program takes much from the Australian experience, after all,” Diokno said.

In a separate statement, the Department of Finance explained that the P4I offers customized and innovative services that cater to the requirements of Southeast Asian nations.