Flexible financing, capital mobilization, and stronger international support are urgently needed to safeguard growth as geopolitical tensions and climate shocks strain developing economies such as the Philippines.
Speaking at the Intergovernmental Group of Twenty-Four Ministers’ and Governors’ Meeting, Frederick D. Go warned that overlapping global challenges are stretching governments’ ability to respond, particularly as fiscal space tightens and borrowing costs remain elevated.
Go called for scaled-up and more adaptable financing tools, including budget support and rapid-disbursement emergency facilities, to help countries absorb external shocks without derailing investments in health, education, and social protection. Such spending, he stressed, is essential to protecting jobs and sustaining gains for vulnerable households.
He also underscored the need to unlock larger flows of private capital to drive job-generating investments in infrastructure, clean energy, and digital services.
Expanding these sectors, Go said, will be critical to building long-term resilience while accelerating inclusive growth.
Beyond financing, Go emphasized sustained support for employment and human capital development, noting that reforms must translate into better-quality jobs and higher incomes.
Strengthening workforce skills and expanding access to opportunities, he added, will determine whether economies can fully capitalize on recovery momentum.
Climate risks remain a central concern. Go urged faster, more accessible climate financing and expanded technical assistance to boost disaster preparedness and climate-smart infrastructure, particularly for highly exposed countries like the Philippines.
The G-24, a coalition of developing nations, continues to play a key role in advocating for reforms to the global financial system, pushing for solutions that enhance stability, resilience, and inclusive development amid persistent global uncertainty.
