Finance chief banks on public-private partnerships for economic growth
Finance Secretary Benjamin Diokno speaks at the Stratbase Albert Del Rosario Institute’s Pilipinas Conference about private-public partnership. Photo screencapped from Stratbase’s Facebook live video.
MANILA, Philippines — Finance Secretary Benjamin Diokno on Tuesday stressed the importance of public- private partnerships in the recovery of the economy from the pandemic and in achieving sustainable growth.
“We recognize that effective public-private coordination holds the key to a host of desirable economic activities, such as workforce upscaling, climate change mitigation, and infrastructure development,” Diokno said in his keynote address during the Stratbase Albert del Rosario Institute’s Pilipinas Conference.
“We will harness the public-private partnership mechanisms to execute impactful projects consistent with our development goals,”he added.
As proof of this, Diokno cited the revision of the implementing rules and regulations (IRR) for the Build-Operate-Transfer (BOT) Law which improved the terms of the framework and made the investment environment more conducive to private sector participation in infrastructure projects, among others.
PPPs will help bring in the necessary investments from the private sector that will finance infrastructure projects that will lead to high-quality job creation.
During the conference, Diokno also spoke about the Corporate Recovery and Tax Incentives for Enterprises Act, saying that it reduced corporate income taxes, among others, significantly lowering the cost of investing in the Philippines.
“The task of rebuilding the economy requires a concerted whole of nation effort so let us work together to deliver to the Philippine people a prosperous nation and a secure future,” stated Diokno.
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