The Marcos administration's ambitious vision for a "Bagong Pilipinas" demands significant financial resources, placing the Department of Finance, or DoF, at the forefront of driving growth.

Through a series of initiatives and strategic partnerships, the DoF has embarked on a promising journey towards achieving this long-term vision.

One of the government's most notable achievements is the creation of the Maharlika Investment Fund, or MIF.

The sovereign wealth fund aims to augment the budget to allow financing for crucial infrastructure deals and social services while reducing reliance on foreign aid.

While facing scrutiny, the MIF offers the potential to accelerate progress in sectors like energy, transportation and agriculture.

The DoF in August also committed to help expand financing of climate change mitigating infrastructure up to 30 percent of the Association of Southeast Asian Nations or ASEAN Infrastructure Fund or AIF by 2026.

Finance Secretary Benjamin Diokno expressed this in the 10th ASEAN Finance Ministers and Central Bank Governors Meeting in Jakarta, Indonesia.

In November, Diokno also said the Philippines will be collaborating with the United Nations on New Collective Quantified Goal, or NCQG, on climate finance slated for launch this year.

Embracing new frontiers

The DoF has embraced innovative financial instruments, propelling the Philippines into the digital age.

The issuance of the first sukuk and tokenized bonds reflects a commitment to diversifying funding sources and attracting new investors.

These initiatives also pave the way for a more inclusive financial system, allowing ordinary Filipinos to participate in safe and secure investments.

Higher revenue collection is a cornerstone of the DoF's strategy. Consistent growth in national income, exceeding initial targets, demonstrates the effectiveness of implemented fiscal policies. This robust revenue stream bolsters the government's ability to fund vital services and invest in future prosperity.

An upgrade by Fitch Ratings showcases the DoF's commitment to fiscal prudence and debt management.

This improved standing translates to lower borrowing costs and increased investor confidence, further paving the way for sustained economic growth.

The DoF's membership in the OECD/G20 Inclusive Framework on BEPS signifies a proactive stance towards combating tax evasion and promoting transparency. This collaboration enables the Philippines to learn from and contribute to global tax reforms, ensuring a more level playing field for all countries.

Investing in climate action

The DoF recognizes the urgency of climate change and has taken concrete steps to address it. Committing to increasing climate-friendly infrastructure projects within the ASEAN Infrastructure Fund demonstrates a forward-thinking approach to sustainable development.

Additionally, collaboration with the UN on the NCQG further solidifies the Philippines' leadership in combating the climate crisis.

While these initial steps paint a promising picture, the DoF's journey towards long-term growth is far from over.

Sustaining momentum will require unwavering commitment to financial stability, strategic investments in key sectors, and fostering an environment conducive to inclusive economic development.

Through continued innovation, collaboration and responsible fiscal management, the DoF can ensure that Bagong Pilipinas becomes a reality, leaving a lasting legacy for future generations.