PRESS RELEASE

Philippine Embassy, Canberra

1 Moonah Place, Yarralumla, ACT 2600
www.philembassy.org.au    *Tel. No. 02-6273-2535*

12 December 2024, CANBERRA – Secretary Arsenio M. Balisacan of the Philippines’ National Economic and Development Authority (NEDA) underscored the importance of robust development cooperation and competition in his visit to Canberra on 03-06 December 2024, reinforcing the country’s commitment to growth and economic resilience.

Secretary Balisacan, together with Philippine Ambassador to Australia H.E. Antonio A. Morales, met Assistant Minister for Competition, Charities and Treasury and Assistant Minister for Employment Hon Andrew Leigh MP at Parliament House. The Secretary shared insights on the Philippines' strides in institutionalizing competition policy through the Philippine Competition Act. He reaffirmed the national priority to enhance the resilience of the Philippines’ economy by investing in infrastructure and institutions.

Assistant Minister Leigh noted that in line with the Southeast Asia Economic Strategy to 2040, the Australian government is encouraging investors to look at opportunities in the region. He also recalled his productive visit to the Philippines in July 2024 where he participated in the Asia Development Bank’s Competition Policy Dialogues.

In his engagement with the Department of Foreign Affairs and Trade Acting Deputy Secretary for Development Jamie Isbister and First Assistant Secretary for the Southeast Asia Maritime Division Dr. Lauren Bain, Secretary Balisacan highlighted the critical role of the Philippine Development Plan (PDP) 2023-2028 in advancing the country’s economic transformation.

They also welcomed the recent launch of the Development Partnership Plan (DPP) 2024-2029 in October 2024 to implement the commitments of the Strategic Partnership which also reflects the priorities under the PDP 2023-2028. Through the DPP, the Philippines and Australia will collaborate closely to enhance conditions for stability, bolster inclusive and sustainable economic growth, and increase institutional and community resilience to socio-economic and climate-related challenges.

Secretary Balisacan also keynoted the 2024 Australasian Aid Conference organized by the Development Policy Centre of the Australian National University where he emphasized the strong macroeconomic fundamentals of the Philippines that have driven inclusive growth, job creation and poverty reduction.

“The Philippine economy has grown respectably in recent years, ranking among the fastest-growing Asian economies…The Philippines is in a demographic sweet spot and if reinforced with human capital investment, this demographic transition adds to the country’s potential growth,” stated Secretary Balisacan.

The Philippines and Australia elevated their bilateral relationship to a Strategic Partnership in 2023. At the margins of President Ferdinand Marcos Jr.’s historic Guest of Government Visit to Australia in February 2024, the Philippine Competition Commission and the Australian Competition and Consumer Commission signed a Memorandum of Understanding to increase cooperation and technical assistance on competition law. - END