Singapore is ready to fully support the Philippines in advancing key regional initiatives when it leads the Association of Southeast Asian Nations (Asean) next year, the Department of Finance (DOF) said late Sunday.
Kevin Shum, deputy secretary for Singapore’s Ministry of Finance, affirmed the city-state’s commitment to back Philippine initiatives such as the Asean Power Grid, aimed at enhancing energy security and mobilizing financing for cross-border electricity connectivity, the DOF said in a social media post on May 11.
This was discussed during a meeting on May 4 in Milan, Italy, where the DOF undersecretary for the International Finance Group, Joven Balbosa, outlined the Philippines’ key priorities for its year-long Asean chairmanship in 2026.
These priorities include advancing the implementation of the Asean Power Grid, customs integration, digitalization and sustainable finance.
The discussions revolving around
Philippine priorities among relevant sectoral agencies are still ongoing, Balbosa said.
He also conveyed the Philippines’ eagerness to work closely with Singapore on these shared regional priorities.
Balbosa and Shum discussed, among other matters, the importance of enhancing customs integration through digitalization, streamlining trade facilitation and promoting trade and investment to drive regional economic growth.
The discussions further emphasized the critical role of the Asean Infrastructure Fund in facilitating infrastructure development within the region, with an emphasis on the need for regular pricing reviews to ensure sustainable and competitive project financing.
The Asean Infrastructure Fund is a dedicated fund established by the Asean member nations and the Asian Development Bank (ADB) to address the region’s infrastructure development needs by mobilizing regional savings, including foreign exchange reserves.
The meeting between the two finance officials was held on the sidelines of the recently concluded 58th Annual Meeting of the ADB.
Manila is hosting the Asean Summit next year, and President Ferdinand Marcos Jr. ordered in late March the creation of the National Organizing Council in preparation for hosting the Asean Summit and related meetings in 2026.
