[As Prepared]

[Greetings]

I am pleased to be with you all today as we celebrate our shared successes in improving fiscal performance in the Philippines.

In the past two weeks, I had the pleasure of visiting a number of U.S. government-supported sites in Benguet and Iloilo City and witnessed firsthand the admirable work of our Philippines partners — health workers, disaster volunteers, fisherfolk leaders, and others — who are delivering basic services reach the most needy.

Today, I am deeply honored to be among Philippine government leaders who are so well-positioned to ensure that needed funds continue to flow to support government initiatives that will enable all Filipinos to map a better future for themselves.

In 2013, the U.S. government launched the five-year, 822 million peso Facilitating Public Investment project, or FPI, to support the Philippine government in its objective to expand public investment. We believe that improving fiscal performance is important to strengthen the country’s development prospects and expand the Philippines’ capacity to accelerate and sustain growth that benefits all Filipinos.

Through FPI, the United States Agency for International Development, more commonly known as USAID, has delivered technical assistance to our partners in the national government with the mutual objectives of increasing tax revenues, improving public expenditure management, and promoting greater fiscal transparency.

FPI was one of many projects implemented under the U.S.-Philippines Partnership for Growth with Equity, a bilateral initiative launched in 2011 that endeavors to unlock the country’s growth potential.

Fast forward to today, and we are gathered to celebrate joint accomplishments of FPI over the past five years. Of course, the process was not always easy. But your resolve to pursue a direction focused on inclusiveness and sustainability has brought remarkable success.

I applaud the Department of Finance and the Legislature for championing ambitious tax reforms that have advanced the country’s development agenda. These reforms promise to raise revenues by at least 90 billion pesos annually.

Increased domestic resources coupled with strong commitment to invest these funds toward the needs of the Filipino people significantly buttresses the country’s potential to advance inclusive development. This can translate into improved education, more efficient transportation networks, higher quality health services, and much more.

Additionally, targeted tax cuts afford the working class more of their hard-earned salaries for savings or spending, contributing to the overall growth of the economy. And in the private sector, the Philippine government has sought ways to improve efficiency and equity in corporate taxation and to modernize the investment tax incentive regime, bolstering the economy’s potential for more investments.

I congratulate the Bureau of Internal Revenue for working closely with USAID’s FPI project to expand the use of electronic filing and payment of taxes — from 8 percent to 75 percent in just the past five years. As other successful models around the world have shown, digital platforms for tax transactions can lead to higher voluntary compliance of taxpayers, stronger transparency, and eventually, higher government collections and more efficient tax administration.

I also commend the Department of Budget and Management and the Government Procurement Policy Board for fast-tracking procurement reforms that were necessary to support the “Build, Build, Build” initiative. These reforms will contribute to enhancing the Philippines’ investment climate and — with sustained commitment — should also translate to the timely delivery of quality public goods and services for the Filipino people.

I wish to recognize the unwavering support of our friends and partners from the private sector and civil society. Your active engagement has broadened public support for reforms, and your leadership in this sector plays a pivotal role in the development of the country.

The completion of the FPI project next month marks the end of one chapter, and the beginning of a new one. We have come a long way on our journey, and we commend the Philippine government for remarkable economic growth in recent years. However, significant work remains to translate reforms into development that improves the quality of life for all Filipinos. Let us build on the positive gains of our partnership, and sustain the momentum for reform.

The U.S. government remains a committed partner as we journey toward our shared vision of a more prosperous, stable, and resilient Philippines.

Maraming salamat.