PSAC affirms commitment to public-private collaboration

MANILA, Philippines — The Private Sector Advisory Council (PSAC) is ramping up efforts to foster economic growth and poverty reduction through collaboration between governments and the private sector.

PSAC lead convenor Sabin Aboitiz said during a recent meeting with officials of the Millennium Challenge Corp. (MCC) that collaboration and consultation are vital elements for progress.

Aboitiz said the establishment of the PSAC by President Marcos reflects a proactive approach to directly engage with the private sector across diverse areas, including agriculture, digital infrastructure, healthcare, infrastructure, jobs, and tourism.

“This ongoing dialogue with the private sector underscores the government’s commitment to actively listen and address critical needs,” he said.

During the meeting, MCC CEO Alice Albright emphasized the significance of comprehending and addressing the primary challenges faced by the nation, marking the beginning of an earnest listening process.

The MCC, recognized for its time-limited grants aimed at promoting economic growth and institutional strengthening in partner countries, expressed interest in deepening engagement with both the Philippine government and the private sector.

MCC Philippine director Sarah Olmstead said there is a need to work closely with Philippine counterparts to identify key policy areas for support.

She highlighted the collaborative nature of their objectives, aiming to empower local leadership in driving impactful change.

Meanwhile, US Embassy Deputy Chief of Mission Robert Ewing said there is a need to redirect attention toward the economic fundamentals of this relationship, emphasizing the significance of corporate sector engagements in alignment with President Marcos’ reform agenda.

PSAC Digital Infrastructure lead Henry Aguda and Agriculture Sector representative Irwin Lee also attended the meeting.

“The productive exchange between the MCC delegation and PSAC signals a renewed commitment to advancing economic prosperity and cooperation between the United States and the Philippines,” PSAC said.

The PSAC was established by President Marcos to create and strengthen synergies between the private and public sectors.

The council comprises business leaders and experts across six main sectoral groups, including agriculture, digital infrastructure, jobs, healthcare, build-build-build and tourism.

The PSAC helps the government deliver on its commitment to transform the Philippine economy by implementing robust infrastructure programs, creating more jobs and attracting more investors, digitizing processes, and improving agricultural productivity through the recalibration of micro, small and medium enterprises (MSMEs), jumpstart Philippine Tourism and ensuring an equitable, sustainable, and inclusive business landscape for Filipinos.

“PSAC will continuously recommend modern policy development to the government and report regularly to the President to provide feedback and adjust recommendations based on what is happening on the ground,” the council said.