For the first time, the Philippines is hosting the Investment Policy Forum (IPF), the world’s only annual gathering of investment negotiators and policymakers from developing countries.

The 16th IPF, co-hosted by the International Institute for Sustainable Development (IISD) and the Board of Investments (BOI), opened at Lanson Place in Pasay City on Wednesday.

IISD Director of Investment for the Economic Law and Policy Program Suzy Nikièma said on the sidelines of the forum that nearly 100 delegates from more than 40 countries in Africa, Asia, Latin America, and Eastern Europe attended the 2024 IPF.

“We created this platform where investment policymakers from developing countries and emerging economies can share the challenges, discuss ideas, and strategize how to shape their policy frameworks,” Nikièma said.

She added that one of the outcomes of the IPF here is designing the “Manila Toolkit,” containing sets of ideas and recommendations on an investment policy framework that could be implemented by policymakers in their respective countries.

Planet-centered policy

United Nations Special Rapporteur on the Right of Development Surya Deva said in his keynote speech that current investment policies across the world are no longer delivering sustainable growth.

“The current investment architecture is not suitable to facilitate inclusive and sustainable development,” Deva said, suggesting that investment policymakers should push for a “planet-centered participatory development.”

He said that, unlike people-centered policies that only focus on human beings, a planet-centered investment direction would include preserving the entire ecosystem for a more inclusive and sustainable economic expansion.

Deva also said governments should stop blaming the coronavirus disease 2019 and geopolitical tensions as to why sustainable development goals are off-track because even before the pandemic and the ongoing conflicts, targets have not been achieved.

Global power dynamics

IISD Vice President for Global Strategies and Managing Director for Europe Nathalie Bernasconi-Osterwalder, meanwhile, said the shift in global power dynamics and economic tensions are dramatically reshaping investment governance.

“These dynamics, these pressures, require strong investment frameworks. Frameworks that integrate economic, social, and environmental priorities. Frameworks that go hand-in-hand with environmental protection and the protection of human rights. Frameworks that reap benefits for people and mobilize resources for governments to invest in education, health, and much-needed infrastructure,” she said.

“Governments have recognized the need to integrate these priorities into investment frameworks.”

PH’s input

BOI managing head, Department of Trade and Industry Undersecretary Ceferino Rodolfo, said governments should include sustainability in developing policies for certain strategic and emerging sectors.

Rodolfo added that investment and trade rules should be imposed and those outdated ones should be revisited.

Lastly, he urged participating countries in the 16th IPF to be open to new ideas and innovation to facilitate a freer flow of investments across the world. (PNA)