PH pushes for scaled-up financing, global support at G-24 meet

Department of Finance (DOF) Secretary Frederick Go called on the international community to provide more flexible financing and job support for developing nations during the Intergovernmental Group of 24 (G-24) Ministers’ and Governors’ meeting last April 14.

Stressing the vulnerability of the Philippine economy to global tensions and climate change, Go emphasized that "renewed multilateralism" is essential to ensuring that economic growth remains both inclusive and sustainable. 

“Sustaining progress requires collective resolve. We call on countries and development partners to deepen collaboration in responding to both current and emerging crises,” the Finance chief said. 

“We therefore urge renewed multilateralism and deeper international cooperation to strengthen and stabilize the global financial architecture — so that economic transformation is achieved and progress remains inclusive and sustainable,”  he added. 

Go also stressed the necessity of expanded and versatile financing, such as emergency funds and budget assistance, to shield the economy from global instability while protecting essential social services for Filipino citizens.

He also advocated for increased private sector investment to drive job creation in critical areas like infrastructure, renewable energy, and the digital economy. 

Furthermore, Go emphasized that economic policy must focus on bolstering human capital, ensuring that national reforms result in meaningful employment and improved living standards for the workforce.

The Group of 24 (G-24) is composed of developing countries across Africa, Asia, and Latin America and the Caribbean. 

According to its website, its member states represent the interests of emerging economies within global financial and economic discussions, particularly in relation to the International Monetary Fund and the World Bank. —Vince Angelo Ferreras/RF, GMA News