The Philippine government has called on members of the Intergovernmental Group of Twenty-Four (G-24) to help protect jobs, strengthen communities and sustain economic progress, as global tensions and climate-related crises continue to put pressure on developing economies.
During his talk at the G-24 Ministers’ and Governors’ Meeting on 14 April in Washington DC, Philippine Finance Secretary Frederick Go underlined that overlapping challenges are straining countries’ ability to respond, particularly as fiscal space becomes more limited.
Go further underscored the need for scaled-up and more flexible financing, including budget support and emergency funding tools, to help countries absorb external shocks while continuing to fund social services and development programs that will benefit Filipino families.
Moreover, the Finance chief also called for deeper mobilization of private capital to attract more investments that can generate jobs, particularly in infrastructure, energy transition and digital services.
Subsequently, he highlighted the importance of sustained support for jobs and human capital, ensuring that economic reforms translate into quality jobs and better livelihoods.
Go also stressed the need for stronger and faster support for disaster and climate resilience, particularly for climate-vulnerable countries like the Philippines, through easier access to climate financing and technical assistance for disaster preparedness and climate‑smart infrastructure.
“Sustaining progress requires collective resolve. We call on countries and development partners to deepen collaboration in responding to both current and emerging crises,” Secretary Frederick Go said.
He said the Philippines joined fellow developing economies in advancing inclusive, job-rich growth amid persistent global pressures affecting emerging markets and developing economies.
“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,” Go added.
The G-24, which coordinates developing countries’ positions on international monetary and development issues, plays a key role in promoting financial stability, resilience and sustainable development.
The G-24 Ministers and Governors meeting has focused on strengthening global economic resilience, enhancing the International Monetary Fund and World Bank financial architecture, and managing debt vulnerabilities.
Chaired by Nigeria, the meeting emphasized expanding access to development finance for emerging markets amidst geopolitical and climate shocks.