At the International Monetary Fund Managing Director’s Strategic Dialogue with ASEAN authorities, ASEAN Finance Track Chair and Philippine Finance Secretary Frederick D. Go called for a modernized partnership with the IMF, World Bank and other multilateral development banks that expands flexible financing for countries transitioning to Upper Middle-Income Country status. He argued that evolving development needs require financing models that help countries maintain investment as their access to traditional development funding changes. Go highlighted blended finance and enhanced credit guarantees as tools to mobilize private capital, reduce investment risks and lower financing costs. In the Philippines, these efforts are paired with fiscal consolidation under the updated Medium-Term Fiscal Framework to expand fiscal space, improve public spending and preserve funding for high-impact investments, including the Luzon Economic Corridor. The proposals form part of the Philippines’ ASEAN chairmanship agenda on financing, investment and sustainable development. Go invited regional finance leaders and partners to advance shared priorities at the 49th ASEAN Summit in Manila in November.
Philippines Department of Finance calls for flexible multilateral financing for countries transitioning to upper middle income status
Philippine Finance Secretary Frederick D. Go called for more flexible multilateral financing for countries transitioning to upper middle income status. He highlighted blended finance and enhanced credit guarantees as ways to mobilize private capital, reduce risks and lower financing costs, alongside domestic fiscal consolidation to protect high-impact public investment.