My heartfelt greetings and warmest welcome to our fellow champions and advocates of open government and good governance!

Assalamu alaikum wa Raḥmatullahi wa Barakatuh.

First, I would like to thank you all for being present here today and engaging in this collaborative event—the Commitment Outcomes Design Workshop, which is a new feature in the design process of the 6th Philippine Open Government Partnership or PH-OGP National Action Plan—our country’s first ever medium-term open government action plan. I am very pleased to know that we have a strong number of allies in rallying the open government cause in the country.

As you may know, we just achieved an important milestone—the recent institutionalization of PH-OGP which we initiated and which the President has made official through Executive Order No. 31, series of 2023.

So this is just the beginning of our journey of togetherness for this Action Plan and PH-OGP.

In all of our open government undertakings, we have been operating under the principle that collaboration among government, civil society, and other stakeholders is at the heart of the OGP process. We want collaboration in all aspects and facets of institutionalizing the PH-OGP, including the co-creation, implementation, and monitoring of our action plan. As such, we are purposefully designing the co-creation process to allow our stakeholders to provide ideas and feedback, identify priorities, and propose action plan commitments.

According to the Independent Reporting Mechanism on “Why OGP Commitments Fall Behind,” published in 2017, on the government side, the effective implementation of open government reforms begins in the design phase. Thus, your participation is crucial in ensuring that our national commitments can be realized.

We hope that through this Commitment Outcomes Design Workshop, we can provide you with technical assistance in identifying thematic outcomes and observing symmetry across commitment designs—enabling us to produce a substantial, coherent, and responsive ‘zero draft’ of the 6th PH-OGP National Action Plan.

Furthermore, I hope everyone here today is empowered by the fact that more than being a participant of this workshop, we are taking part in a bigger movement that transforms our advocacy of participatory governance towards transparency, accountability and integrity into action. Beyond action plans, we also hold the power to transform the lives of our fellow Filipinos through open government. Hence, let us always keep our advocacy close to our hearts and closer to the people. Let us be ambitious yet grounded—just like how open governments should be.

Maraming salamat po. Wabillahi Tawfiq Wal Hidaya, Wasalamu alaikum wa rahmatullahi wa Barakatuhu.

Members of the economic team, ladies and gentlemen:

Assalamu alaikum wa Raḥmatullahi wa Barakatuh.

First, I would like to thank the Philippine Embassy and our partner banks and institutions for giving us this opportunity to share the latest developments in the country's economic performance and investment opportunities, and on our end at the Department of Budget and Management, to highlight our Priority Expenditures.

Today, we bring you warm greetings and good news from the Philippines: despite global headwinds and the challenges of economic recovery after the pandemic lockdowns, we are on track with our Agenda for Prosperity.

This agenda is the Philippines’ economic transformation, bearing in mind inclusivity and sustainability. Our priority expenditures have therefore been aligned with the 8-Point Socioeconomic Agenda in the near-term and cater to the objectives under the Philippine Development Plan 2023 to 2028.

To give you an overview, the National Budget of the Philippines for Fiscal Year 2023 amounts to USD 94.8 billion which is a 4.9 percent increase from our budget in 2022 or equivalent to 21.9 percent of our GDP.

The bulk of our budget has been allocated for the Social Services sector, equivalent to roughly 38.1 percent of the national budget, to provide for revitalized education, quality healthcare, and strengthened social protection.

As mandated by the Philippine Constitution, Education—which covers about 17.0 percent of the National Budget—remains our top priority.

We have also given the Health Sector one of the most significant increases in the budget as part of our commitment to strengthen our healthcare system. This is following the lessons from the pandemic, as well as the mandate of President Ferdinand Romualdez Marcos Jr. to expand access to affordable healthcare even to the farthest regions.

Moreover, 11.7 percent of the 2023 National Budget was allocated to strengthen social protection.

In pursuit of food security, we are determined to make agriculture a driving force for growth. Hence, the Agriculture and Agrarian Reform sector was given a budgetary boost of around 29.0 percent.

Meanwhile, to sustain our country’s growth momentum and recognizing that infrastructure is the backbone of the economy, the administration’s Build, Better, More Program was allocated with some USD 23.9 billion or 25.3 percent of the national budget, and this is equivalent to 5.3 percent of GDP consistent with our Medium Term Fiscal Framework of 5 to 6 percent of infrastructure spending from 2023 to 2028.

The bulk of this infrastructure budget is intended for the development of physical infrastructure aimed at improving physical connectivity throughout the country.

Significant budgetary support was also provided for social infrastructure development, which includes the construction of school buildings, hospitals, water and power supply systems, as well as housing and community facilities.

To ensure that the Philippines becomes a viable investment destination, we are keen on improving our digital infrastructure. Some USD 434.3 million was allocated to accelerate the country’s digital transformation.

Acknowledging the importance of sustainable economic growth, we have significantly increased the budget for climate change adaptation and mitigation measures by about 60 percent compared to the previous year’s allocation. This includes investments in water sufficiency, renewable energy infrastructure, as well as alternative resources.

In promotion of genuine inclusive growth, we have automatically appropriated some USD 14.77 billion to our Local Government Units (LGUs) as part of their National Tax Allotment. This is in addition to the USD 297 million allocation that they will receive as part of our Local Government Support Fund (LGSF).

In ensuring that this inclusive growth reaches the farthest regions, a total of USD 1.34 billion has been allocated for the Bangsamoro Autonomous Region in Muslim Mindanao or BARMM as its government undergoes transition until 2025.

Looking ahead, the National Budget for Fiscal Year 2024, which we are already working on, will prioritize shovel-ready projects, investments in human capital development, sustainable agriculture and food security, and climate change adaptation and mitigation, among others. This will guarantee the continuity of gains from this year’s priority programs and contribute to securing a future-proof and sustainable economy.

Complementing these programs, we have also been working hard on key structural reforms and introducing new ones that promote sound fiscal management, a green economy, open governance, and a more efficient and lean bureaucracy. Let me cite some of these reforms.

Last month, the President issued Executive Order No. 29 directing the full adoption of the Integrated Financial Management Information System (IFMIS) in government agencies to ensure the efficient delivery of quality services to the public. This comes after Executive Order No. 170, issued in 2022, which directed the adoption of digital payments for government disbursements and collections. These twin EOs are significant strides toward bureaucratic efficiency. And soon, we hope to pass the Progressive Budgeting for Better and Modernized (PBBM) Governance Bill, which will institutionalize Public Financial Management (PFM) reforms such as the Cash Budgeting System.

We are also working on building a more agile, efficient, and responsive government workforce through the National Government Rightsizing Program. This will minimize and eliminate overlaps and duplication of functions and reduce costs, processing time, and other regulatory requirements in government transactions.

For sustainability, we are pursuing a Green Public Procurement Roadmap wherein the government will procure common-use supplies and equipment items with green specifications.

I am also delighted to share that we have secured a momentous win for open governance in the country with the signing of Executive Order No. 31 institutionalizing the Philippine Open Government Partnership or the PH-OGP. This is a testament to the country's commitment to promoting transparency, strengthening social accountability, and empowering Filipinos through open governance and people's participation.

And last but not least, we are happy to share that the Congress of the Philippines has already submitted to the President for signing into law the creation of the Philippines’ first-ever Sovereign Wealth Fund, the Maharlika Investment Fund. We are looking forward to seeing this boost economic development through strategic and profitable investments in infrastructure and other key sectors.

As you can see, the Philippines is back in business and means business. Forecasts are not only good but very good: Following our 7.6 percent GDP growth in 2022—the highest since 1976—and our sustained growth, as seen in our 6.4 percent GDP growth for the first quarter of 2023, we are now consistently recognized as one of the best-performing economies in the Asia Pacific Region.

No less than the World Bank declared that the Philippines will achieve above-middle-income status in the next two years. Fitch Ratings affirmed the Philippines' credit rating at "BBB" and, a few weeks ago, raised its outlook from negative to stable. And the S&P Global Market Intelligence forecast has declared that the Philippines is on its way to becoming a one-trillion-dollar economy by 2033. Meanwhile, for a more long-term view of our economy, PWC analysts project that the Philippines can greatly move up in the rankings, from the 28th biggest economy in 2016 to the 19th biggest economy by 2050.

And so, working toward securing a future-proof and sustainable economy, we hope to strengthen our longstanding relations and invite you to become our partner as we work toward our Agenda for Prosperity—one that would not only uplift every individual, family, and business in the Philippines but would benefit the world and generations to come.

I know that the motto of Canada is "A Mari Usque Ad Mare" or from sea to sea. With stronger business, economic, and investment ties between our countries, let’s extend Canada’s prosperity further to the other side of the Pacific, to the Pearl of the Orient Seas—the Philippines. With renewed partnership and opportunities growing fast in the Philippines, I hope to see our Agenda for Prosperity flourish from sea to sea to sea! And I hope we will be able to BEAM our sunshine to your shores and to this beautiful country as we secure a future-proof and sustainable economy.

Remember, the time to invest in the Philippines is now.

Thank you very much.

Wasalamu alaikum wa rahmatullahi wa Barakatuhu.

Maraming salamat po at Mabuhay.

To the members of the School of Economics of the University of Asia and the Pacific headed by Dean Dr. Peter Lee U, our partners in the academe and the economic community, my colleagues from the Department of Budget and Management or DBM, and our dear participants, good afternoon.

Assalamu alaikum wa Raḥmatullahi wa Barakatuh.

First, I would like to thank the UA&P School of Economics for the opportunity to engage with the economic community and be part of the discussion on our economic landscape, and of course, on pathways to our aspired economic growth and development. Events such as this Midyear Business Economics Briefing are avenues that connect us to people, empowering them to engage more in our country’s economic affairs. Furthermore, Fiscal Management for Sustained Economic Growth—more than being the theme of this event—is also closely related to our mandate in the DBM.

Ensuring sound fiscal management, including the improvement of the tax regime, is outlined as one of the goals in the Philippine Development Plan (PDP) 2023 to 2028 identified to ensure a stable macroeconomic environment.

At the beginning of the term of President Ferdinand R. Marcos Jr., the Economic Team proposed its comprehensive fiscal strategy, the Medium-Term Fiscal Framework or the MTFF, which serves as the country's blueprint specifically for fiscal deficit reduction, promotion of fiscal sustainability, and enabling robust economic growth, while the country recovers from the COVID-19 pandemic.

Under the MTFF, the National Government aims to:

• Achieve a 6.5 to 8.0 growth from 2023-2028;
• Reduce poverty rate to single-digit or by 9.0 percent by 2028;
• Reduce deficit-to-GDP ratio to 3.0 percent by 2028;
• Bring down the debt-to-GDP ratio to less than 60 percent by 2025;
• Maintain high investments in infrastructure at 5.0 to 6.0 percent of GDP annually; and
• Attain upper-middle-income status or at least $4,256 gross national income per capita.

The good news: we are very much on track with the objectives of the MTFF and our Agenda for Prosperity. The Philippines’ Gross Domestic Product or GDP for the first quarter of 2023 was 6.4 percent. And, from the third quarter of 2022 to the first quarter of 2023—the time that the current administration got to work—our growth on average was actually 7.1 percent.

Just this month, we also conducted the second Philippine Economic Briefing in Singapore and I am very glad to share with you that the Philippines is among the top ten nations of interest for Singapore investors and Singaporeans. We are determined that foreign investments and continued strong bilateral relations will help us in achieving our goals under the MTFF.

Despite global headwinds, the country grew the fastest among other emerging and developing countries such as Indonesia, China, and Vietnam. This is also within the 2023 growth target set by the Development Budget Coordination Committee or the DBCC, which is at 6.0 to 7.0 percent.

On the fiscal side, we remain on strong footing. Revenue projections in the medium term are expected to improve from Php 3.73 trillion in 2023 to Php 6.62 trillion in 2028, through the implementation of revenue-generating measures over the medium term. Meanwhile, disbursements from 2023 to 2028 are revised upwards and are sustained above 20 percent of GDP, reaching Php 5.23 trillion in 2023 and expanding to Php 7.77 trillion in 2028.

We also maintain our commitment to fiscal sustainability by adhering to the target deficit for the period 2023 to 2028, which shall progressively decline from 6.1 percent of GDP in 2023 to 3.0 percent of GDP in 2028.

To ensure that we do not neglect socioeconomic objectives even as we achieve high-growth performance and meet the targets of the MTFF, the priorities of the PBBM Administration have been aligned with the 8-point Socioeconomic Agenda and the PDP 2023 to 2028, which include as objectives food security, improved transportation, affordable and clean energy, health care, social services, revitalized education, sound fiscal management, and bureaucratic efficiency.

Our National Budget is also aligned with these objectives. Thus, the Social Services sector—comprising Education and Health—has been given the highest budget allocation with Php 2.0 trillion or 38.0 percent of the FY 2023 National Budget, while the Economic Services has been given the second highest share with Php 1.62 trillion or 30.8 percent as the government continues to push for infrastructure development.

Meanwhile, we acknowledge the competing demands of government programs against a backdrop of limited resources and fiscal space. Hence, to ensure efficiency in meeting the targets set in the Administration’s MTFF, only high-impact and implementation-ready projects will be included in the budget in the succeeding years.

The present administration also recognizes the vital contribution of the private sector in attaining our aspired economic growth; thus, we will utilize Public-Private Partnerships in financing our priority programs, especially those concerned with infrastructure and climate solutions.

In addition, our proposed sovereign wealth fund, which will give the Philippine economy the momentum to move forward as a tried and tested investment vehicle, was ratified by the Senate last May 30. Meanwhile, the Bicameral Conference Committee Report was adopted by the House of Representatives the next day. As we have said in a Joint Statement with my fellow economic managers released on June 13, the Maharlika Investment Fundis not only beneficial but necessary at this point in time. It is an investment for the future that we need to start building now as the Philippine economic outlook remains robust amid the global economic slowdown.

Alongside these initiatives, we also have legislative reforms to promote transparency, efficiency, and responsiveness in public service, foster a conducive investment climate in the Philippines, and ultimately, sustain our economic growth.

On our end at the DBM, we have been continuously lobbying and working for the passage of the Progressive Budgeting for Better and Modernized Governance or PBBM Governance Bill, which aims to streamline the processes of delivering programs and services across all government offices through an Integrated Financial Management Information System (IFMIS). This bill also seeks to institutionalize the Cash Budgeting System (CBS) and other Public Financial Management (PFM) reforms to ensure the timely implementation of programs and projects. Just this month, the President issued Executive Order No. 29 directing the full adoption of IFMIS in government agencies to improve bureaucratic efficiency and ensure the efficient delivery of quality services to the public.

We will also be launching our Digital Transformation Roadmap which promotes data governance and digitalization in fiscal-related government processes. I believe that we need to fully embrace and transition to digitalization, especially if we want to have a more efficient PFM system in the country. That is why, digital transformation is at the core of the Department’s reform agenda.

The COVID-19 pandemic and the circumstances that we have experienced in the past years have challenged us to sustain the country’s economic recovery. Despite this, we remained steadfast in fulfilling our mandate and continued to deliver and surpass our targets—together.

There are many facets to fiscal management, but for our endeavors to be successful, we need to aspire and work together. To all the professionals, experts, and economists present today, I hope you will join us in our journey toward an economic transformation that is inclusive and sustainable for all generations.

Thank you very much. Wabillahi Tawfiq Wal Hidaya, Wasalamu alaikum wa rahmatullahi wa Barakatuhu.

To Honorable Solomon R. Chungalao as represented by Mr. Peer Sean Balao, District Representative of Ifugao; Honorable Jerry U. Dalipog, Governor of Ifugao; the Board Members of Ifugao province; mayors of Ifugao; President Eva Marie Codamon-Dugyon of the Ifugao State University; officials of the Administrative Council and Academic Council; friends from the academe, staff, personnel, parents, and the graduating students, naimbag nga aldaw.

Assalamu alaikum wa Raḥmatullahi wa Barakatuh.

Before anything else, I would like to congratulate all personnel of IFSU, both teaching and non-teaching, for paving the way for these students to reach this milestone in their academic life. Nais ko rin pong magbigay-pugay sa mga magulang, kapatid, at kaibigan na kasama nila sa pagharap sa mga pagsubok sa kanilang pag-aaral at sa buhay.

Of course, ultimately, I want to congratulate you, dear graduates of this premiere state-operated institution of higher learning in the Cordillera Administrative Region. Regardless if you are graduating with flying colors, pumasang-awa, o na-delay dahil sa thesis, what matters is that YOU ARE HERE. You rose above life's challenges—in your families, relationships, classrooms, and even jobs, among others. Smile. Savor this moment. Give yourself a pat on the back. Be proud of this achievement.

Noong nakaraang linggo, ipinagdiwang natin ang ika-isang daan at dalawampu’t limang taon ng Kalayaan ng ating bansa. Alam nating lahat kung ano ang inialay at isinakripisyo ng mga nauna sa atin, lalo na ng ating mga bayani, upang makamit ang kalayaang tinatamasa natin ngayon.

At kagaya ng kasaysayan ng bansa, ang kasaysayan ng IFSU ay isa ring kwento ng pag-aalay, sakripisyo, at tagumpay. From being the Nayon Settlement Farm School (NSFS) led by American educators, then being closed down during the World War II, IFSU was continuously built and improved as a school of agriculture until it became the Ifugao State University of today.

Ngunit ang pagkamit ng kalayaan ay simula lamang. Sa atin nakasalalay ngayon ang pag-alaga sa kalayaan na ito at kung ano ang patutunguhan nito ngayon. Ito ba ay kalayaan upang piliin ang sarili at kalimutan ang kapwa? O ito ba ay kalaayan upang lalong paigtingin ang pagkakaisa at pagmamahalan upang ang bawat Pilipino ay mamuhay nang panatag at matiwasay?

Kaya napakagandang pag-usapan ang tema ngayong araw: “Empowered Leaders: Pioneering Innovation, Promoting Internationalization, Inspiring Excellence, and Securing Sustainable Development.”

With the bountiful blessings that the Cordillera offers, the indigenous knowledge and teachings your communities have given, the quality education you received from this esteemed institution, and the love for the environment and the people that you possess, you are indeed empowered to lead and serve the people.

At kagaya ng kalayaan, kailangan din nating timbangin kung para saan at para kanino nga ba ang ating talino at kakayahan. Let us ask ourselves: how can we support our fellowmen, our communities, and our country?

First, by pioneering innovation. With the natural wealth of the Cordillera, coupled with your expertise in agriculture, home, and information technology, among others, you are empowered to innovate and offer creative ways to achieve our socioeconomic goals. I was very impressed to learn that IFSU ranked high in the Global Top 100 Innovative Universities last May—a testament to your knowledge and expertise to bring about positive change.

Second, promoting internationalization. As a Maranao and member of the indigenous community, I understand what it is like to be part of a minority. But, please know that it is okay to be outnumbered and that it is wonderful to be different. This gives us more reasons to go out there, show who we are, share our culture, and build bridges with other people in the world. I commend IFSU for establishing opportunities for international educational exchanges and for pursuing research works that contribute to the international wealth of knowledge.

Third, inspiring excellence. As always, give your best in whatever job you commit to do—whether you will be a teacher, a nurse, a social worker, an engineer, a welder, or a designer—and uphold integrity in the process. By being upright, you inspire others to do the same. Tandaan na ang layunin natin ay itaas ang antas ng karunungan at kamalayan ng bawat Pilipino upang lahat tayo ay magkaroon ng pagkakataong mag-isip, magtanong, at maghain ng solusyon sa mga problemang kinahaharap ng bansa. True excellence helps others become excellent.

And fourth, securing sustainable development. Certainly, you have a deep appreciation for nature being here in Ifugao where the beauty of nature is astounding. But you are also at the forefront of agriculture and forestry development through your education. Use this appreciation to fuel you to take action both in agricultural development and environmental protection and contribute to achieving sustainability which is at the heart of our Our Agenda for Prosperity.

Our country needs you. As such, I genuinely hope that after leaving the halls of your beloved university, you will take action and be part of social and economic transformation where no Filipino will be left behind.

On our end at the Department of Budget and Management, we carefully crafted a national budget geared towards achieving social and economic transformation—one that will not just address the immediate and pressing concerns of our citizens but will also make our growth sustainable for future generations.

To give you an overview, the Fiscal Year 2023 National Budget of the Philippines amounts to Php 5.268 trillion, and we allotted 38 percent of this for our Social Services sector. This is in line with our commitment to investing in our people through major social and human capital development expenditures.

As always, we have provided the highest allocation to the Education, Culture, and Manpower Development Sector amounting to Php 909.1 billion. This is consistent with the Constitutional mandate to assign the highest budgetary priority to education but more than this, it also reflects the Administration’s commitment to empowering you, our future leaders and nation-builders. As PBBM said in his first State of the Nation Address, “Education is the only legacy we can leave our children that will never go to waste. So we will not hold back on investing in our education.”

Through revitalized education, we aspire to provide every Filipino with a fighting chance to manage life’s uncertainties so they can choose to achieve their full potential—just like you, our dear IFSU graduates.

Sa inyong lahat na tatanggap ng inyong mga diploma sa araw na ito, napaka-galing ninyo! Tandaan ninyo parati na naniniwala kami sa inyo at kasama ninyo kami.

Kaya ngayong nakamit na ninyo ang susi para sa magandang kinabukasan, siguruhin ninyo na tuluyan ninyo nang bubuksan ang pinto para sa magandang kinabukasan ng buong bayan.

Again, you are empowered leaders. Embrace this responsibility and opportunity as we stand together for social justice, work towards economic equity, and concretize genuine prosperity for every Filipino.

Congratulations again, IFSU graduates! Mabuhay ang kabataang Ifugao! Mabuhay ang Ifugao State University! Mabuhay ang IFSU Graduating Class of 2023! Agymanak unay kadakayo amin.

Wabillahi Tawfiq Wal Hidaya, Wasalamu alaikum wa rahmatullahi wa Barakatuhu.