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A Jolly Morning to everyone!
To our esteemed host, Jollibee Group, led by Executive Chairman and Founder Dr. Tony Tan Caktiong;
Distinguished leaders and members of the business community;
A pleasant day to everyone.
Assalamu alaikum wa Raḥmatullahi wa Barakatuh.
Introduction
It is a privilege to address a group that has become a true national icon and symbol of Filipino excellence and resilience.
It is no small feat and it brings our nation such pride and joy that what started out as a small family business is now a global leader boasting of not only four Gallup Exceptional Workplace Awards, but even making it to the list of TIME Magazine’s World’s Best Companies and Fortune’s Southeast Asia 500.
Indeed, you have shown that Filipino excellence can simultaneously grow a business and also win hearts across cultures, empower communities, and inspire generations of entrepreneurs. You have proven that we can bring joy—whether through Chickenjoy or other products and services—so that around the world, Bida ang Saya.
This Administration, however, would really like to see a world where truly, like Jollibee, bida ang Pinoy. Hence, in line with the Philippine Development Plan 2023-2028, the Economic Team has committed to creating an environment where businesses can flourish.
Today, allow me to share with you the trajectory of our national economy, our fiscal priorities, and how these align with our shared vision of inclusive and sustainable growth.
Sustaining the Country’s Strong Macroeconomic Fundamentals
At the onset, the Philippine economy is doing very well. We expanded, albeit moderately, by 5.4 percent in the first quarter of 2025, driven by strong domestic demand and accelerated government spending.
Notably, our 18.7 percent increase in public spending, the highest since November 2020, is a testament to the significant role of government in stimulating economic activity and in creating multiplier effects that benefit sectors such as retail, food services, and logistics.
Inflation has significantly decreased to a manageable rate of 1.3 percent in May of this year, which is not only well within our target range but also notably the lowest inflation rate recorded since November 2019.
Meanwhile, employment remains robust at 95.9 percent, translating to over 48 million Filipinos in the workforce.
With a median age of 25 years old, we have the youngest, most dynamic, and highly skilled workforce—not just in ASEAN but in the world. This shows that we have an existing talent pipeline ready to support the Jollibee Group in its expansion and innovation goals.
Medium-Term Fiscal Consolidation
On the fiscal side, we are staying true to our commitment to growth-enhancing fiscal consolidation.
In fact, our budget deficit for 2024 dropped to 5.7 percent of GDP—a marked improvement from the 6.2 percent recorded in 2023 and within the fiscal outlook of the Development Budget Coordination Committee (DBCC). Through disciplined spending and stronger revenue collection, we aim to create a macroeconomic environment that is investor-friendly.
Our fiscal prudence has not gone unnoticed. In November 2024, S&P Global upgraded our credit outlook from “stable” to “positive,” reaffirming global confidence in our macroeconomic and fiscal management. And this is just one among a series of high credit rating affirmations last year. This is good news because it means that we are viewed internationally as an economy that is performing well, and that the private sector can now gain access to more affordable financing for expansion.
We also achieved a major milestone in financial integrity, with the Philippines recently removed from the grey list of the Financial Action Task Force or FATF. This further solidifies our position as a credible and attractive investment destination.
FY 2025 National Budget
On the budget side, the Php 6.326 trillion FY 2025 National Budget, equivalent to 22 percent of GDP, is our key instrument for driving socioeconomic transformation. This budget reflects the strategic priorities of the Philippine Development Plan 2023–2028 and aims to fulfill the needs and aspirations of the Filipino people.
By Sector
The Social Services sector received the highest allocation, amounting to Php 2.030 trillion, or 32.1 percent of the National Budget, followed by the Economic Services sector, with Php 1.968 trillion, or 31.1 percent.
As mandated by the Philippine Constitution, education remains the government’s top priority, covering 16.7 percent of the national budget, well within the 15 to 20 percent threshold set by the UNESCO Education 2030 Framework.
On top of this, the budget of the Department of Health has consistently increased annually by 11.61 percent since the Administration took office in 2022.
We are also strengthening social protection with a budget of Php 217.50 billion for the Department of Social Welfare and Development to ensure no one is left behind in our pursuit of prosperity.
For business leaders, this means a more skilled workforce, healthier communities, and stronger domestic demand—all vital for sustainable economic development.
Further, we are determined to improve agricultural productivity and achieve food security with the Department of Agriculture and its attached agencies receiving a higher budget of Php 237.4 billion this year. We will also construct more farm-to-market roads with Php 23.2 billion to reduce logistics costs and improve access to regional markets.
MSME Development
We’re also scaling our support for Micro, Small, and Medium Enterprises or MSMEs, with a budget of Php 900 million allotted for the MSME Development Program and Php 655 million for the Industry Development Program in support of the Tatak Pinoy Act.
I’d like to take this moment to commend the Jollibee Group Foundation for your recent collaboration with the Department of Trade and Industry on the “Joy in Learning: MSMEs Meet and Learn” initiative to upskill our MSMEs. This is the kind of inclusive innovation that we need, showing that, truly, the private sector and the government can come together to empower entrepreneurs.
Infrastructure Development
Infrastructure development continues to be one of our top priorities, with the targeted 5.0 to 6.0 percent of GDP allocated annually for infrastructure spending.
In 2025, we allocated Php 1.645 trillion, or 5.7 percent of GDP, for the Build Better More Program. These investments support the construction of both physical and social infrastructure, from roads and bridges to schools, hospitals, irrigation systems, and health centers.
Public-Private Partnerships
Over the medium term, we are pursuing 207 flagship infrastructure projects focused on connectivity, energy, transport, and digital transformation.
To realize these projects, we are leveraging strategic co-investments with the private sector through Public-Private Partnerships (PPPs). With the passage of the new PPP Code, we have made private sector participation more agile and investor-friendly.
In 2024 alone, we have successfully awarded three (3) PPP airport projects, including the country’s main international airport—the Ninoy Aquino International Airport—and airports in Laguindingan and Bohol. We have also approved the privatization of two (2) airports in Dumaguete and Siargao.
And there is more to come. With at least 49 out of the 207 flagship projects primed for PPPs, we encourage the Jollibee Group to explore these opportunities and partner with us toward nation-building.
Digitalization Reforms
Let me also share how our budget reforms are fostering a more transparent, efficient, and sustainable business environment, starting with our digitalization efforts.
We are determined to fully digitalize and harmonize our Public Financial Management (PFM) systems and policies, through the adoption of the Integrated Financial Management Information System (IFMIS) across all government agencies. This will translate to faster government transactions and a significant reduction in red tape—factors that help improve ease of doing business.
Central to this effort is the PFM Reforms Roadmap 2024 to 2028, which we officially submitted to President Ferdinand R. Marcos Jr. last September and successfully launched with the support of the Asian Development Bank (ADB) the following month.
And we just presented the results of the 2024 Public Expenditure and Financial Accountability (PEFA) Assessments last week! This will help us identify remaining gaps in our PFM systems and drive further improvements toward greater transparency and more effective public service delivery.
Similarly, we launched the Budget and Treasury Management System, or BTMS, which connects existing separate systems into a central, real-time monitoring hub for government transactions. For the private sector, this means faster and more reliable government payments.
We also revived our Project DIME, or the Digital Information for Monitoring and Evaluation Project, a game-changing initiative that utilizes satellite and drone technology to help us verify development on the ground, particularly in remote areas. This prevents misallocation of funds and ensures that every peso contributes to real impact.
Climate Resilience Reforms
Also towards sustainability, the government has been exerting greater efforts to go green.
We recognize that the Jollibee Group has long championed environmental stewardship through your global sustainability agenda, Joy for Tomorrow, which upholds food safety, environmental responsibility, and energy-efficient operations.
On our end, we have more than doubled our climate change expenditures for this year to Php 1.156 trillion—the largest increase in recent history.
The DBM is also proud to be the first national government agency to appoint a Chief Sustainability Officer and create a Sustainability Committee. My goal for this initiative is to see to it that we are not only crafting green policies but also running a green institution. We hope to make this a model for other agencies to also establish their own Sustainability Committees to foster collective action toward a more sustainable future.
Program Convergence Budgeting
Toward a more efficient and effective government, we have also established a Program Convergence Budgeting (PCB) approach, which is an inter-agency effort to eliminate duplication of programs and ensure consistency in program targets, beneficiaries, resource requirements, and implementation timelines across agencies.
For the private sector, this means coherent and coordinated government programs—whether you’re engaging with us in local development or navigating through regulatory processes, you’ll benefit from a more unified whole-of-government approach.
Government Optimization Act
Not only that, we are proud to share that the Bicameral Conference Committee recently ratified the Government Optimization Act, which aims to build a streamlined bureaucracy that minimizes redundancies, reduces unnecessary delays, and simplifies government processes, all of which make it easier to do business.
Procurement Reforms
Also towards efficiency but even more so towards fighting corruption, one of the reforms I am most proud of is the New Government Procurement Act (NGPA), initiated by the DBM with our Procurement Service and the Government Procurement Policy Board, which I chair. This is hailed as the biggest anti-corruption measure in the country’s recent history as the law introduces mechanisms to promote transparency, curb corruption, and improve efficiency in government procurement processes.
For instance, we have introduced open contracting, making procurement data and documents publicly available from planning to bidding to contract implementation. This boosts investor confidence, lowers risk, and supports corporate governance standards that the Jollibee Group already upholds.
We have also established an electronic Marketplace or eMarketplace—a government version of Lazada and Shoppee, where agencies can “add to cart” and directly procure from competent and reputable suppliers. This reform opens doors for private suppliers, especially Filipino firms, to participate fairly and easily in government contracts.
Open Governance Reforms
Speaking of transparency, recognizing that having an open and transparent government is essential in building a thriving business climate, we have placed transparency and accountability at the forefront of our Agenda for Prosperity.
I am therefore proud to share that in the latest Open Budget Survey that ranked countries around the world, the Philippines was ranked by the International Budget Partnership as the most fiscally transparent country—No. 1 in budget transparency not just in Southeast Asia but in all of Asia, and hopefully in the world, as we make it a point to have our budget documents open for public review and scrutiny.
We’ve also seen significant progress in press freedom. In 2025, the Philippines climbed to its highest-ever ranking in the World Press Freedom Index, reaching the 116th spot—an 18-point jump from 2024.
However, we hope to increase this ranking even more. That’s why, as Chair of the Philippine Open Government Partnership (PH-OGP), I have been actively pushing for the passage of a robust Right to Information that will enshrine every Filipino’s constitutional right to access information. For businesses, this means easier access to reliable data and government policies, enabling you to make more informed decisions and better anticipate market and regulatory changes.
This administration takes its role as a founding member of the Open Government Partnership—a global initiative fostering transparency and accountability of governments—seriously. PBBM issued Executive Order No. 31 institutionalizing PH-OGP in order for all government agencies to inculcate open government values. Last October, I joined the global Steering Committee, marking the re-entry of the Philippines as a global leader in the Open Government community.
And last February, the Philippines also hosted, for the first time, the OGP Asia and the Pacific Regional Meeting. It brought together over a thousand open government champions and reformers, including private sector representatives, from more than 40 countries to share best practices, exchange ideas, and commit to advancing an open government. I’m inviting the Jollibee Group to be part of the Open Government Partnership.
Following this, we also conducted the first-ever economic dialogue with civil society during the OpenGov Week—another DBM initiative—where we had a roundtable discussion with non-government organizations, including private sector representatives from the Makati Business Club and the Financial Executives Institute of the Philippines (FINEX) on the government’s macroeconomic and fiscal priorities. As a government official and as a citizen, I truly believe in the importance of listening to civil society and in opening our minds to diverse perspectives to ensure that our policies are inclusive, transparent, and responsive to the needs and aspirations of the Filipino people.
So as you can see, amidst all the politics in the news today, I assure you, on our end, we are working very hard to create an environment where financial institutions and businesses can operate with certainty. We have been successful in pushing for more mechanisms to foster the values of transparency and accountability, and we will continue to do so for greater investor confidence that will ultimately result in our economic transformation.
Closing
As we seek to sustain the Philippines’ strong growth trajectory, following our impressive post-pandemic recovery, we hope that we can somehow collaborate further so that together, we can bring joy to even more Filipinos—sa Bagong Pilipinas, gawin nating Bida ang Pinoy.
And let’s spread joy around the world for superior taste!
Thank you very much.
Wabillahi Tawfiq Wal Hidaya, Wasalamu alaikum wa rahmatullahi wa Barakatuhuh.
