At the 4th International Conference on Financing for Development (FFD4) held in Seville, Spain, the Philippines—through the Department of Finance (DOF)—asserted a leading role in global financial reform, urging the international community to overhaul the current financial architecture to better support middle-income countries (MICs).
Representing the Group of 77 and China, as well as the Like-Minded Group for MICs, DOF undersecretary Joven Balbosa emphasized the need for tailored international cooperation beyond GDP metrics. He called for reforms in multilateral institutions, including enhanced representation of developing nations, adjustments to IMF surcharges and Special Drawing Rights (SDRs), increased quota shares, and greater concessional lending.
The conference culminated in the adoption of the Compromiso de Sevilla, a new global financing framework aimed at unlocking more inclusive and sustainable development, particularly for developing and middle-income countries. The document highlights expanded support through multilateral development banks (MDBs), private capital mobilization, debt sustainability, and governance reforms.
Balbosa, speaking as chairman of the 3 July plenary, also advocated for increased official development assistance (ODA), accessible climate finance, and stronger technical support for capacity-building.
Reinforcing its global finance leadership, the Philippines was elected vice president of the FFD4 Conference. The country’s multi-agency delegation included representatives from the DOF, DFA, DTI-Board of Investments, and SEC.
