Through and under a scheme interestingly referred to as Partnerships for Infrastructure (P4I) program, the Australian government has committed to help the Philippines attract and lure investments in key infrastructure projects in the country.
At the P4I launch in Pasay City last Friday, Australian Ambassador to the Philippines Hae Kyong Yu PSM said the program will provide infrastructure advisory support to the Philippine government especially in choosing what type of financing strategy should be used in certain projects, which projects should be prioritized and what technologies should be utilized in them.
The Australian envoy said P4I will also help various government agencies in crafting regulatory frameworks that will make key infrastructure projects attractive for investments from the private sector.
“We know infrastructure investment requires a strong regulatory environment… The private sector definitely needs the right incentive to invest and innovate while the government needs to ensure that standards are met, that assets are managed efficiently,” Yu said.
Aside from providing advisory services to make infrastructure projects attractive to the private sector, Amb. Yu said this partnership between Australia and the Philippines can facilitate too potential financing from Australian companies and institutions.
“Australia has a compulsory superannuation system, which means 10 percent of everyone’s salary goes into a superannuation fund, which is like a pension fund which is currently at AUD3.4 trillion level and is expected to grow to AUD9 trillion in the future. All that money needs somewhere to invest,” she added.
Yu said infrastructure projects in the Philippines can attract these funds from Australia when the government can provide the right policy and sound business environment to lure investments. (With PNA)
PHOTO: POLICIES ON INFRA PROJECTS. Australian Ambassador Hae Kyong Yu PSM delivers her opening remarks during the launching of Partnerships for Infrastructure (P4I) at Conrad Hotel in Pasay City on March 24, 2023. The P4I will provide advisory services to the Philippine government to iron out its policies on infrastructure projects. (PNA photo by Kris Crismundo)