Distinguished guests and esteemed business leaders; 

Maayong adlaw sa tanan! Thank you for welcoming us to Iloilo City—the City of Love!  

It is truly an honor to be joining some of the most dynamic business leaders, innovators, and changemakers in Western Visayas for this Regional Economic Briefing. 

Iloilo as a Regional Economic Hub 

Iloilo continues to stand out as a model of progress in the Visayas. A major testament to this is the modernization of Iloilo’s public markets, including the Iloilo Central and Iloilo Terminal Markets, both redeveloped through landmark Public-Private Partnerships or PPP agreements.  

This momentum has earned national recognition. I want to acknowledge Iloilo for being among the Top 5 Most Business-Friendly Provinces for the third consecutive year! It confirms what many of us already know: Iloilo is not only rich in culture and heritage; it is a trailblazer in open governance and sustainable local development. 

This is why today’s gathering is important. It is a conversation rooted in partnership, trust, and shared confidence in the country’s economic direction. It is also a reaffirmation that the Philippines is open for business—ready to build, ready to grow, and ready to deliver on our promise of a stronger and more resilient Bagong Pilipinas. 

Macroeconomic Fundamentals  

Let me now turn to our broader economic context. Our GDP growth in the third quarter was 4.0 percent. While we were affected by the impact of successive typhoons and other natural calamities, and stricter oversight on public construction, following investigations into anomalous flood-control projects, we remain optimistic that we can get back on track because the Philippine economy, amidst all these challenges, is anchored on strong macroeconomic fundamentals.  

We have low and stable inflation, a manageable fiscal deficit and debt profile, a stable peso and external balance, and a resilient banking and financial system that remains well-capitalized and independent. 

I firmly believe that 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.  

That is why our approach to spending will now be more targeted, more efficient, and more focused on priority needs. Clean, effective budgeting is at the heart of this strategy, supported by coordinated action across the country’s economic team.  

Procurement Reforms  

Let me highlight key reforms that support this direction. 

First, we already have the New Government Procurement Act, which enforces anti-corruption measures such as open contracting and beneficial ownership disclosure. Through these measures, all procurement data, including bid results and contract information, are made publicly accessible through online platforms such as the Philippine Government Electronic Procurement System or PhilGEPS. 

These reforms are aligned with international best practices, which is why the DBM’s Procurement Service received the OpenGov Challenge Award, specifically on Anti-Corruption at the 2025 OGP Global Summit just last October in Spain. This recognition underscores our determination to transform public procurement into something more transparent, competitive, and protected from conflicts of interest. 

Digitalizing Public Financial Management 

We also continue to pursue digital transformation, which remains at the core of our reform agenda.  

We are modernizing and harmonizing public financial management through the Integrated Financial Management Information System, beginning with the Budget and Treasury Management System, to enable real-time monitoring of transactions and faster service delivery.  

At para po matutukan ang mga infra projects, 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. This reform is not only a response to recent issues but also a deliberate decision toward better oversight and stronger accountability. Soon, Project DIME will expand to cover schools, classrooms, and transport projects, giving the public a clear and evidence-based view on where their taxes go. Just last week, we also presented Project DIME at the International Space Forum as one of the most powerful tools developed by the DBM, demonstrating the power of space technology in inculcating transparency. 

We are likewise proud that we are 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.  

Open Governance and Right to Information 

These are all aligned with our commitments to the Open Government Partnership. 

We have an open and accessible budget, and we even have the People’s Budget series—the simpler and less technical version of the proposed and enacted national budgets—and the Philippines has been recognized as the most fiscally transparent country in Asia based on the 2023 Open Budget Survey.  

We also continue to push for the passage of the Right to Information Bill and are working towards the codification of the budget process with the Philippine Budgeting Code, both of which have been identified as legislative priorities in the 20th Congress.  

Closing  

As you can see, the DBM remains firmly focused on strengthening reforms and ensuring clean and effective government spending.  

With this, let us continue to pursue a Bagong Pilipinas that is open in governance, firm in integrity, disciplined in spending, and bold in ambition—where every region and every Filipino is empowered to grow, contribute, and thrive.  

Daghang salamat po! Uswag, Iloilo!  

END