On September 22, 2026, Australia and the Philippines announced the launch of a new bilateral partnership aimed at bolstering inclusive, sustainable economic growth across the archipelago. The “Promoting Growth, Resilience, Economic Stability and Sustainability in the Philippines” (PROGRESS) initiative will allocate PHP 2 billion (approximately AUD 45 million) over five years to fund reforms that streamline the ease of doing business, attract new investment, and expand trade.
The announcement was made at the International Finance Operations Office at the Department of Finance Building in Roxas Blvd. during the PROGRESS Launch and Press Conference with Australia's Assistant Minister the Hon. Matt Thistlethwaite.
This bilateral partnership is Australia’s new economic initiative with the Philippines to support critical investment, economic reform, and stronger fiscal management.
Core Focus Areas
- Renewable Energy & Clean Tech: Investments in domestic renewable energy resources and critical minerals.
- Digital Economy: Support for digital growth and streamlined government processes.
- Business Environment: Reforms to reduce regulatory barriers and make doing business more predictable.
- Inclusive Growth: Programs creating jobs for marginalized Filipinos, including women and persons with disabilities (PWDs).
- Regional Projects: Support for initiatives like the Luzon Economic Corridor and public-private partnerships (PPPs)
Key priority sectors such as clean‑energy projects and the natural‑resource/minerals industry, will receive targeted support to accelerate their development and integration into regional value chains.
Beyond macro‑economic metrics, PROGRESS gives emphasis on social inclusion: the program will fund capacity‑building and outreach efforts to ensure that women, persons with disabilities, and other historically marginalized groups can fully participate in, and benefit from, the country’s growth trajectory.
“Australia and the Philippines are committed to a strong and enduring economic partnership,” said Assistant Minister Thistlethwaite. “PROGRESS will enhance our cooperation and support the Philippines to achieve strong and inclusive economic growth.”
“By supporting key reforms that improve the ease of doing business in the Philippines, help increase investment and trade, and enable the growth of priority sectors such as clean energy and resources, PROGRESS will contribute to economic growth that creates opportunities for all Filipinos.”
The initiative, part of a broader Pacific‑wide strategy to foster resilient economies, is expected to commence later this year, 2026 until 2031 (with a potential five-year extension).
Stakeholders from government, private‑sector associations, and civil‑society groups have already pledged to collaborate on implementation, cooperating to a common commitment to a more equitable and prosperous future for the Philippines.
Since July 29, 2024, Hon. Thistlethwaite has served as the Assistant Minister for Immigration in the ministry of Anthony Albanese. He has also served as the Assistant Minister for Foreign Affairs and Trade since May 2025.
Economic Stability and Sustainability in the Philippines) program at the Department of Finance in Manila. [Photo by Australian Embassy in the Philippines]
