Philippines to join global sustainable finance initiative

MANILA, Philippines — The Philippines will join a global initiative that aims to promote sustainable finance among economies.

The government, through the Department of Finance (DOF), will take part in the new global Sustainable Finance Initiative (SFI) that will enhance information sharing and capacity building on sustainable finance issues.

The intent to become a member of the SFI was conveyed by DOF undersecretary for International Finance Group Joven Balbosa during the recent Asia-Pacific Economic Cooperation Finance Ministers Meeting.

The SFI is a flexible, voluntary and non-binding mechanism for collaboration between the public and private sectors and international organizations to promote the development of voluntary information-sharing tools and capacity-building resources on sustainable finance issues.

In particular, the Philippines urged economies to work together to strengthen Disaster Risk Finance (DRF).

The Philippines is backing the progress made in DRF and shared its current stocktaking exercise with the World Bank to update its DRF strategy, which was established in 2015.

The country likewise shared its domestic initiatives on sustainable finance, highlighting that sustainable development is at the core of the country’s public decision-making process.

This is in terms of crafting fiscal policies, public budgeting, public-private partnership and resource mobilization in line with its Sustainable Finance Roadmap.