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As Per Latest Information Philippines Proposes Partnership With US, India for Building Digital Public Infrastructure

Romualdez proposed a partnership between the Philippines, US, and India to build a digital public infrastructure.

To develop the nation’s digital public infrastructure, the Speaker of the Philippine House of Representatives has suggested a partnership with the US and India. After hearing the presentation on digital public infrastructure at the offices of the International Monetary Fund in Washington, D.C., this suggestion was made. The occasion fell under the World Bank and IMF Spring Meetings.

HIGHLIGHTS

  • Ferdinand Martin G. Romualdez suggested a collaboration between the Philippines, the US, and India to develop the nation’s digital public infrastructure.
  • After attending the presentation on digital public infrastructure at the offices of the International Monetary Fund in Washington, DC, the proposal was made.
  • They received assurances from Speaker Romualdez that the President’s Agenda for Prosperity and 8-point socioeconomic agenda will be supported by the House of Representatives.

According to a news release from the Philippine House of Representatives, on Saturday, Philippine Parliament Speaker Ferdinand Martin G. Romualdez suggested a collaboration between the Philippines, the US, and India to develop a digital public infrastructure in the nation.

After attending the Digital Public Infrastructure presentation at the International Monetary Fund (IMF) headquarters in Washington, D.C., speaker Ferdinand Martin G. Romualdez offered this suggestion. The activity was a component of the WB-IMF Spring Meetings.

Romualdez emphasized the significance of the Philippines, India, and the US leading in the digital public infrastructure initiative, citing significant benefits for nations.

Philippines’ digital transformation

Romualdez thinks that digital public infrastructure can hasten the digital transformation of the Philippines and offer a solution to the COVID-19-related economic issues.

The House of Representatives has passed the E-Governance/E-Government Bill, aiming to transition the bureaucracy to digital spaces for faster, transparent service delivery and improved public engagement.

Public digital platforms are not profit-oriented, unlike privately owned digital platforms that rake in billions mostly from advertising.

In accordance with the statement, BSP Governor Felipe Medalla, Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan were in Washington, DC, for the World Bank-International Monetary Fund (WB-IMF) Spring Meetings. The four members of President Marcos’ economic team gave presentations on the health of the Philippine economy to representatives from the IMF, World Bank, and possible American investors.

Diokno stated that the 2022–2028 Medium Term Fiscal Framework acts as a compass to lead the economy carefully along the track of fiscal sustainability and economic growth in his speech before potential investors, IMF, and WB officials.

The Philippines’ economy expanded at a 46-year record rate of 7.6 percent last year, beating forecasts from both local private sector economists and international financial institutions. As a result, the Philippines’ economy was ranked as one of the best-performing in the Asia-Pacific. The target growth rate for this year is between 6 and 7 percent.

Supportive for 8 Point Socioeconomic Program

The House of Representatives is strongly supportive of the President’s Agenda for Prosperity and 8-point socioeconomic program, and Romualdez reassured President Marcos’ economic team. The crew received supportive and motivating feedback on the nation’s robust economy from businesspeople, WB, IMF, and bank officials. Kristalina Georgieva, managing director of the IMF, sent her warmest wishes to the Philippines and its robust economy.

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Written by Shallu Srivastav

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