President Ferdinand R. Marcos Jr. will convene the Private Sector Advisory Council (PSAC) on Friday afternoon to discuss priority reforms, including the government’s intensified digitalization drive and airport modernization efforts.
Palace Press Officer Claire Castro said the meeting would focus on the digitalization of the Philippine Health Insurance Corporation (PhilHealth) to strengthen universal healthcare by streamlining processes, improving access and reducing inefficiencies in service delivery.
Other items on the agenda include accelerating airport modernization to unlock growth in the provinces and enhance regional connectivity, as well as reducing dependence on imported seeds to strengthen the country’s food security.
Castro said the discussions are part of ongoing government-private sector cooperation to ensure the efficient implementation of initiative reforms and support national economic development.
In a separate statement on Friday, Executive Secretary Ralph Recto said strong private sector participation will drive the country’s next phase of growth.
Recto said structural reforms will be fast-tracked to make the Philippines a competitive “investment haven” in the region, with privatization ramped up and supported by the Public-Private Partnership (PPP) law, which offers incentives to attract investment in public services and infrastructure.
“We will unlock more private investments in agriculture; streamline merger review to promote fair competition; cut regulatory red tape; and expand digitalization and transparency,“ he said.
Recto also stressed that the Philippines is on its track to achieve its long-sought upper middle-income country (UMIC) status.
He noted that the country recorded a gross national income (GNI) per capita of USD4,470 in 2024, just USD26 short of the USD4,496 threshold for UMIC classification.
Citing World Bank internal projections, Recto said the Philippines is expected to surpass the UMIC threshold this year and continue growing, with GNI per capita projected to reach USD6,119 by 2029.
Recto said the PHP6.793-trillion 2026 national budget, with its historic-high investment in education, healthcare, agriculture, and social protection, will support the country’s development goals.
On top of this, around PHP1.3-trillion is allocated for the “Build Better More” program to modernize transportation and ICT infrastructure, boosting commerce, connectivity, and job creation across the regions.
“Our strong fundamentals, disciplined fiscal management, and a bold reform agenda will push us forward,“ Recto said. (PNA)