Australia is set to provide the Philippines with approximately P20 billion in aid over the next five years, aiming to boost the country’s economic development. This announcement was made by Australian Ambassador to the Philippines Hae Kyong Yu during the launch of the Australia-Philippines Development Partnership Plan (DPP) 2024-2029 on Thursday.
“Under our strategic partnership, Australia is providing over P4 billion per year in capacity building and development support for the Philippines,” Yu stated in an Inquirer.net report, noting that around P3.6 billion of the annual aid will be allocated as official development assistance.
Yu also highlighted that this support has been ongoing for two decades, totaling P63 billion in aid to the Philippines during that period. “Aid allocations for the Philippines are expected to increase in the next five years,” she added.
The DPP aims to align with the Philippines’ economic targets set in the Philippine Development Plan 2023-2028. The partnership focuses on various initiatives, including promoting economic growth, supporting peace efforts in the Bangsamoro Autonomous Region, addressing climate change, enhancing job readiness for young Filipinos, and advancing social inclusion and equity.
“The DPP is there to assist the Philippine government and the Philippines to achieve the ambitious targets you have set in your own economic development plan,” Yu affirmed.
