The Philippines called for expanded global support for job creation, financing, and climate resilience during the Intergovernmental Group of Twenty-Four (G-24) Ministers’ and Governors’ Meeting, as developing economies face mounting pressure from geopolitical tensions and climate-related risks.
Finance Secretary Frederick Go said overlapping global challenges are straining countries’ capacity to respond, especially as fiscal space becomes more constrained, according to a press release Sunday.
He emphasized the need for “scaled-up and more flexible financing,” including budget support and emergency funding tools, to help countries absorb external shocks while sustaining social services and development programs.
Go also pushed for stronger mobilization of private capital to boost investments in infrastructure, energy transition, and digital services, sectors seen as key to generating jobs and sustaining economic growth.
At the same time, he underscored the importance of supporting human capital development to ensure that economic reforms translate into quality employment and improved livelihoods.
Go highlighted the urgency of enhancing climate and disaster resilience, particularly for vulnerable countries like the Philippines, through improved access to climate financing and technical assistance.
“Sustaining progress requires collective resolve. We call on countries and development partners to deepen collaboration in responding to both current and emerging crises,” Go said during the G-24 meeting on April 14.
He urged renewed multilateral cooperation to strengthen the global financial system and ensure inclusive and sustainable development.
The G-24 is a coalition of developing countries that coordinates positions on international monetary and development issues, and advocates reforms to promote financial stability and equitable growth. (PNA)
