THE Philippine government and the Asian Infrastructure Investment Bank (AIIB) in China are exploring partnerships in infrastructure development to enhance the investment climate and drive economic growth, the Department of Finance (DOF) said on Friday.
The AIIB is a multilateral development bank in Beijing that finances sustainable, green and technology-enabled infrastructure across Asia and other regions.
The Philippines can leverage AIIB’s expertise in solar, wind and hydro projects to develop renewable energy plants, transition to cleaner energy and lower power costs in the long term, DOF said.
Finance Secretary Frederick Go, in a meeting with AIIB officials, discussed digitalization and energy costs as priority areas for improving ease of doing business in the country.
“Two of the major issues in the ease of doing business are red tape and high energy costs. If [we] 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.
Digitalization entails modernizing government processes and reducing red tape to ensure more efficient and sustainable public service delivery, Go said.
He also pushed for long-term solutions to make electricity more reliable and affordable to Filipino households, businesses and investors.
AIIB president Zou Jiayi reaffirmed the bank’s commitment to supporting the country’s development priorities through tailored financing and technical assistance.
“We are here to listen and understand how we can support your priorities for the Philippines,” she said.
AIIB expressed interest in funding critical infrastructure projects for sustainable water management and governance, as well as non-sovereign-based financing to support private sector initiatives.
Go said he is very eager to work with AIIB.
