A pleasant day to all of you! 

It is truly an honor to be joining some of the most dynamic business leaders, innovators, and changemakers in Northern Luzon today, my hometown region, for this Regional Economic Briefing.  

Thank you for welcoming us to La Union—the surfing capital of the North, a vibrant gateway to the Ilocos region, and one of the most promising growth corridors in the country. 

La Union as a Regional Economic Hub 

Here in La Union, we see a province that connects. 

It serves as a strategic link between major growth centers through the North Luzon corridor—supported by the NLEX, SCTEX, and TPLEX road networks—allowing local producers to reach domestic and international markets. Your thriving tourism continues to uplift retail and digital services, while also attracting young professionals and emerging start-ups. 

That is why today’s economic briefing matters. It is a conversation about opportunities and collaboration, and our shared vision to build a stronger and more resilient Bagong Pilipinas. It is a reminder that the Philippines is open for business—ready to build, ready to grow, and ready to deliver on our promise of prosperity, not just in La Union but for the entire country.  

Macroeconomic Fundamentals  

Let me now turn to our broader economic context. While the 4.0 percent GDP growth in the third quarter fell short of expectations—reflecting the impact of recent typhoons, natural calamities, and the stricter oversight on public construction—we view these as temporary setbacks. Remember: these challenges do not define our trajectory.  

While we may not fully recover these losses within the year, the Philippine economy continues to demonstrate strong macroeconomic fundamentals: low inflation, a manageable fiscal deficit, a stable currency and external balance, and a resilient banking sector. 

These solid macroeconomic foundations, coupled with a young and dynamic workforce and a reform-driven government, will enable us to bounce back strongly in 2026 and beyond. And that is where our work at the Department of Budget and Management is focused: regaining investor confidence, strengthening public trust, and restoring the country’s growth momentum. 

Procurement Reforms  

Let me highlight key reforms that support this direction. 

First, we are transforming how the government procures goods and services through the New Government Procurement Act, which enforces open contracting and beneficial ownership disclosure. This ensures that all procurement data, including bid results and contract information, are publicly accessible through online platforms such as the Philippine Government Electronic Procurement System, improving transparency and deterring corruption. 

I am proud to share that just last October, our Procurement Service, or PS-DBM, received the OpenGov Challenge Award on Anti-Corruption for its commitment to improving data availability, interoperability, and public participation in procurement at the 2025 Open Government Partnership Global Summit in Spain.  

Digitalizing Public Financial Management 

Digital transformation remains at the core of this reform agenda.  

We are advancing the Integrated Financial Management Information System, starting with the Budget and Treasury Management System, to enable real-time monitoring of transactions and faster service delivery.  

We also recently launched the Flood Control Component of Project DIME, or the Digital Information for Monitoring and Evaluation, which uses satellites and drones to monitor infrastructure projects on the ground, which will soon cover schools, classrooms, and transport projects. 

The Philippines is also among the first countries in Asia to adopt a public blockchain infrastructure for tracking government spending, enabling the public to access real-time records of key budget documents, such as Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs).  

We are likewise working towards the codification of the budget process with the Philippine Budgeting Code, which has been identified as a legislative priority by the Legislative-Executive Development Advisory Council or LEDAC.  

Open Governance and Right to Information 

The Philippines is not new to open governance. We helped jumpstart the Open Government Partnership when we became a founding member in 2011, until it was finally institutionalized in the Philippines in 2023 under the PBBM Administration.  

For years, we have kept our budget open to public scrutiny. We have the People’s Budget series—the simpler and less technical version of the proposed and enacted national budgets—which led to the Philippines being recognized as the most fiscally transparent country in Asia based on the 2023 Open Budget Survey.  

Also, following our amplified calls, the Right to Information Bill has been identified as a priority legislative measure for the 20th Congress so that we can truly uphold the people’s constitutional right to information. For our partners in the business community and civil society, this means easier access to reliable data and government policies. 

Closing  

As you can see, DBM is committed to institutionalizing reforms that combat corruption, safeguard freedom of information, and truly open governance processes to citizen participation.  

Together, let us strive for a Bagong Pilipinas that is open, principled, and boldly ambitious—where every region and every Filipino is empowered to grow, contribute, and thrive.  

Thank you, and I look forward to our continued partnership. 

END