October 19, 2024 | 12:00am
MANILA, Philippines — The Australian government is providing P20 billion worth of funding assistance to the Philippines over the next five years to support the country’s development goals.
In a press conference for the launch of the Australia-Philippines Development Partnership Plan (DPP) 2024 to 2029 yesterday, Australia Ambassador HK Yu said the Australian government is allocating more than P4 billion per year or a total of P20 billion for the five-year period, as part of its bilateral program for the Philippines.
She said the over P4 billion provided by Australia per year in capacity building and development support for the Philippines, includes P3.6 billion in official development assistance.
Yu said this is the first time Australia is launching a long-term development plan to support the Philippines.
The DPP was developed in consultation with the Philippine government, civil society organizations, development agencies, the private sector and academia.
It is also aligned with the Philippines’ development priorities.
Yu said the DPP is a significant milestone in what is already considered a very strong relationship between Australia and the Philippines.
“We are not a fleeting friend. We are here and it is going to be enduring,” Yu said.
Under the DPP, Australia will support stability in the Philippines as a crucial foundation for sustainable development.
In particular, it will support peace building in Mindanao, civil maritime cooperation, security sector capacity building, cyber security as well as promote justice, human rights and help prevent transnational crime.
Australia will also work with the Philippines to bolster inclusive and sustainable economic growth through support for economic reforms; key economic sectors including infrastructure, renewable energy, resources, telecommunications and digitization; agrifood systems research; women’s economic participation; skills development for job-readiness and scholarships.
In addition, Australia will increase its investment in climate change mitigation and adaptation to help strengthen the Philippines’ resilience to disasters.
Bilateral trade between Australia and the Philippines amounted to P378 billion last year.
Meanwhile, two-way investment between Australia and the Philippines was at P321 billion in 2023.
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