The Department of Finance (DOF) is set to join the new global Sustainable Finance Initiative (SFI) that will enhance information sharing and capacity-building on sustainable finance issues.

The intention to become a member of the SFI was conveyed by International Finance Group (IFG) Undersecretary Joven Z. Balbosa, who represented the DOF at the 31st APEC Finance Ministers Meeting (FMM) in Lima, Peru on October 21, 2024.

With the theme, Sustainable + Digital + Resilient = APEC, the FMM envisioned and encouraged an Asia-Pacific region that is more sustainable, more digital, more resilient, and more APEC-focused.

During the meeting, the Philippines shared its outlook for the country and the region as well as showed strong support for the newly established SFI, urging economies to work together to strengthen Disaster Risk Finance (DRF).

The SFI under the APEC Finance Ministers Process 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.

The Philippines also shared its domestic initiatives on sustainable finance, highlighting that sustainable development is at the core of the country’s public decision-making process in terms of crafting fiscal policies, public budgeting, public-private partnership, and resource mobilization in line with its Sustainable Finance Roadmap.

Furthermore, the Philippines expressed its support for 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.

With this, the Philippines invited APEC economies to align its strategies and initiatives with that of the APEC Disaster Risk Financing and Insurance (DRFI) Working Group Work Plan and reiterated the importance of greater synergy on DRFI across the region.

Also present during the event were OIC-Assistant Secretary Donalyn U. Minimo, OIC-Director III Carlyn A. Diaz, and Division Chief Aaron James F. Ang.