Department of Finance (DOF) Undersecretary Mark Dennis Y.C. Joven delivered a keynote address welcoming the launch of the ADB-ASEAN+3 Report on Reinvigorating Financing Approaches for Sustainable and Resilient Infrastructure in ASEAN+3 at the Ministerial Launch Event held on May 2, 2023 on the sidelines of the 56th Annual Meeting of the Asian Development Bank (ADB) Board of Governors in Incheon, Korea.

The Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea––collectively known as ASEAN+3––recognizes that while infrastructure in the region continues to be a key driver of economic development, investments in climate-resilient infrastructure must be amplified in order to support a fair transition and address the effects of climate change.

The Report is an initiative of the ASEAN Technical Working Group led by Singapore’s Ministry of Finance. It presents a practical toolkit on ways to merge public, private, institutional, and other forms of capital to deliver resilient and advanced infrastructure in the ASEAN+3 region.

Furthermore, it intends to help companies, investors, and policymakers promote the use of innovative infrastructure financing models that can be adapted and customized for implementation in developing Asia.

“The Philippines recognizes the strategic importance of pursuing infrastructure that is sustainable, climate-resilient, and fit for the post-pandemic 21st century landscape,” Usec. Joven said.

“In today’s economy, building more is no longer enough. We must build better and we must build sustainably,” he added, further noting that the benefits of quality infrastructure development compound over time as regions become more interconnected to build globally competitive industries.

ADB Managing Director Woochung Um, Singapore Minister of Finance Indranee Rajah, and Thailand Minister of Finance Arkhom Termpittayapaisith shared their insights on the report, which could serve as a blueprint in implementing reforms related to the infrastructure sector.

Budget Secretary Amenah Pangandaman also attended the event in support of the ADB’s reforms, noting that the Philippines’ Agenda for Prosperity prioritizes climate change adaptation and mitigation programs.