Finance Secretary and World Bank (WB) Governor for the Philippines Benjamin E. Diokno showcased the Philippine government’s growth strategies and called for increased investments in climate adaptation and mitigation during the 2023 Annual Meetings of the World Bank and International Monetary Fund (WB-IMF), with the theme “Global Action, Global Impact” in Marrakech, Morocco on October 9 to 15, 2023.

“The prospects of the Philippine economy remain strong and positive. To achieve the target growth rate of 6 to 7 percent this year, one of the key strategies will be accelerating the implementation of government programs and projects, including the delivery of public services under the national budget,” Secretary Diokno shared in an intervention during the EDS15 Constituency Meeting.

He further acknowledged the Bank for its role in the country’s growth strategies and overall development agenda as one of the Philippines’ largest official development assistance (ODA) partners.

The Finance Secretary then urged the World Bank Group (WBG) and other public and private stakeholders to make financing for climate projects more accessible, especially for countries hardest hit by climate-related hazards.

“[We] call on the Bank to improve concessional financing for climate adaptation and mitigation projects in pursuit of climate justice,” Secretary Diokno stressed.

With the Philippines being a climate-vulnerable country, Secretary Diokno urged MDBs to improve the concessionality of financing for climate adaptation and mitigation projects in support of the US$ 4 to 6 trillion investment requirement for the global transformation to a low-carbon economy.

The Office of the Executive Director for Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname and Trinidad & Tobago (EDS15) actively engages in the decision-making process of the WBG Board while taking into account the interests of member countries as well as the Bank.