FINANCE Secretary Ralph Recto has called on his counterparts in the region to pursue integrated solutions that address both climate action and poverty eradication, the Department of Finance (DOF) said in a statement yesterday.
At a high-level meeting hosted by the Philippines, Recto emphasized the importance of balancing economic development with climate resilience.
“Here in the Philippines, we are no strangers to the economic gymnastics required to balance growth and resilience. Just like our two-time Olympic gold medalist, we strive to master the complexities of economic development and climate action–to emerge triumphant,” he said in his keynote address at the Coalition of Finance Ministers for Climate Action (CFMCA) Regional Meeting on August 28 held at the Asian Development Bank (ADB) Headquarters.
“As finance ministers, we understand better than most that these two vital agendas are not competing forces on a scale. When done right and contextualized in our own realities, they reinforce each other to ensure the welfare, security, and prosperity of our people” he added.
Established in 2019, the CFMCA is a global alliance of finance ministers in 92 countries to foster knowledge exchange and support climate action initiatives. During the meeting, Recto emphasized to fellow finance ministers and development partners that the Philippines prioritizes fiscal stability to provide long-term investments needed to make a real and meaningful climate action.
Apart from the fiscal consolidation plan, the Philippines is armed with the National Adaptation Plan and the National Determined Contribution Implementation Plan as playbooks that outline strategies to fully achieve both climate and economic objectives.
