Finance chief and World Bank governor for the Philippines Benjamin Diokno has called on multilateral institutions for stronger commitment and financing support to emerging and developing countries amid concerns on rising inflation, climate change and other global challenges, according to a statement sent by the Department of Finance (DOF) yesterday.
“During this turbulent time, stronger commitment from our multilateral partners will help us overcome the adverse socioeconomic impacts of these crises and build resilience from future shocks,” Diokno said earlier this week in his intervention during the 108th Meeting of Ministers and Governors of the G-24.
The G-24, or the Intergovernmental Group of Twenty-four on International Monetary Affairs and Development, coordinates the position of developing countries on monetary and development issues. Diokno represents the Philippines as the Second Vice-Chair of the G-24 Bureau.
Among the priority discussion areas were high inflation, debt distress, climate change and the growing need to expand liquidity support and development financing.
Diokno said the continued financing support to the Philippines of the International Monetary Fund (IMF) and the World Bank Group has helped bridge the gaps in the country’s priority policies and initiatives and “enables us to pursue our socioeconomic agenda of achieving a more resilient, inclusive and sustainable economy.”
Diokno also met with World Bank Group president David Malpass on October 11 at the World Bank Headquarters in Washington to discuss the Philippines’ ongoing loan portfolio with the multilateral agency and seek support from the Bank for the Marcos administration’s comprehensive eight-point socioeconomic agenda.
The bilateral meeting was held on the sidelines of the 2022 Annual Meetings of the IMF and World Bank Group.
The finance chief called for the Bank’s support for key program areas in line with the Marcos administration’s goal of creating more jobs, improving food security and strengthening climate resilience.
Meanwhile, Diokno also bared policy measures that the Philippines is undertaking to address the impact of high inflation and climate-related risks.
“To cushion the effects of inflation, the Philippine government continues to extend targeted support to the most vulnerable sectors, including public transport workers, farmers, fisherfolk and indigent senior citizens,” Diokno said in an intervention before the constituency members of World Bank executive director Erivaldo Gomes.
Other measures to address high inflation include investing in improvements to local food production, ensuring the timely importation of goods, improving distribution efficiency, ensuring adequate power supply and monitoring policy considerations on wage and transport fare hike petitions.
Diokno also emphasized the role of external financing in climate action.
“As climate change threatens the resilience of our communities, the government has integrated green, resilient and inclusive development or GRID strategies in our post-pandemic recovery plans,” Diokno said.
The Philippines adopted its first Nationally-Determined Contribution (NDC) under the Paris Agreement, which aims to address climate change by reducing greenhouse gas emissions by 75 percent by 2030; adapting to the impacts of climate change; and mainstreaming gender and social inclusion into climate action.
“As in other countries, these NDC actions are heavily reliant on external financing,” Diokno said.
