Finance Secretary Benjamin Diokno said the private sector plays a critical factor in the country’s recovery prospects.
“The participation of the private sector will be critical in our economic resurgence…Just recently, we approved the revisions to the 2022 implementing rules and regulations of the Build-Operate-Transfer Law. This will be key in our bid to unlock the many benefits of public-private partnerships,” Diokno said in the recent 54th Annual Conference of the Financial Executives Institute of the Philippines.
Diokno said in the near term, the BOT Law would allow the Philippines to sustain its momentum in infrastructure spending despite budgetary constraints. He said over the medium term, this would reap high-multiplier effects for the economy.
He said the renewed commitment to Public-Private Partnership and the newly-enacted economic liberalization laws would support the government’s infrastructure program.
“We have inherited a number of game-changing reforms that will help us build a more business-friendly environment for both domestic and foreign investors,” Diokno said.
Diokno said Congress demonstrated its full support for the government’s Medium-Term Fiscal Framework to ensure the alignment of the government’s legislative agenda with macroeconomic targets for 2022 to 2028.
The proposed measures will promote efficient tax administration, upgrade digital infrastructure and mainstream environmental sustainability to address the impact of climate change, he said.
The government is pushing for the passage of the remaining tax reform packages of the previous administration, including the Real Property Valuation and Assessment Reform Bill and the Passive Income and Financial Intermediaries Taxation Bill.
“The Department of Finance stands ready to support and collaborate with the private sector in transforming the Philippine business landscape into one that is genuinely inclusive, sustainable, and future-proof,” Diokno said.