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The Australian government launched the Partnerships for Infrastructure (P4I) program to assist the Philippines in attracting investments for critical infrastructure projects.
Australian Ambassador to the Philippines, Hae Kyong Yu PSM, stated that P4I will offer infrastructure advisory support to the Philippine government. This includes providing advice on choosing the appropriate financing strategy, prioritizing projects, and determining the right technologies for implementation. P4I will also help government agencies in crafting regulatory frameworks that encourage private sector investment in key infrastructure projects.
Yu emphasized that infrastructure investments require a strong regulatory environment. The private sector requires the right incentives to invest and innovate, while the government must ensure that standards are met and that assets are managed efficiently. In addition to providing advisory services, the partnership between Australia and the Philippines can help facilitate potential financing from Australian companies and institutions.
Yu highlighted that Australia has a compulsory superannuation system, which means that 10% of everyone’s salary goes into a superannuation fund, similar to a pension fund. This fund is currently at AUD3.4 trillion and is projected to grow to AUD9 trillion in the future. According to Yu, the Philippine government can attract funds from Australia for its infrastructure projects when it provides the right policies and creates a sound business environment that encourages investments.