The Philippine government is exploring possible partnerships with the Asian Infrastructure Investment Bank (AIIB) to support digitalization projects and lower electricity costs, two areas officials say continue to affect the country’s investment climate and ease of doing business.
During a meeting with AIIB officials, Department of Finance (DOF) secretary Frederick D. Go identified red tape and high energy costs as among the country’s major economic challenges.
“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,” Go said.
Go said the government is pushing for wider digitalization of government processes to improve efficiency and reduce bureaucratic delays, adding that reforms in the sector could deliver long-term benefits.
The finance chief also raised the need for long-term solutions to make electricity more affordable and reliable for households, businesses, and investors.
Government officials noted that the AIIB could support renewable energy projects such as solar, wind, and hydro developments, which may help lower power costs over time while supporting the country’s transition to cleaner energy sources.
AIIB president Zou Jiayi said the bank is prepared to align its financing and technical assistance with the Philippines’ development priorities.
“We are here to listen and understand how we can support your priorities for the Philippines,” she said.
The multilateral lender also expressed interest in projects related to water management and governance, while noting that it could provide non-sovereign financing support for private sector initiatives.
Go said the government is also seeking the timely completion of infrastructure projects to ensure Filipinos benefit from them as soon as possible.
