THE Philippines is urging the international community to continue helping low and middle-income countries in containing financial stability risks and achieving green and inclusive economic growth.
Speaking in a recent forum of the United Nations Economic and Social Council (UN-Ecosoc), Finance Undersecretary Antonette C. Tionko said international cooperation must be strengthened as rebuilding the global economy amid the current and future external shocks will be “arduous.”
“The pandemic highlighted the importance of international cooperation in ensuring that we leave no one behind. The Philippines is grateful for the technical and financial assistance from our development partners in providing budgetary support and vaccine mobilization for our COVID-19 response,” Tionko said at the UN-Ecosoc Financing for Development forum held last April.
“We strongly support the call for the international community to continue providing assistance, especially to low-income and middle-income countries and developing countries, in the areas of improved vaccine access, liquidity to contain financial stability risks, and a green, resilient and inclusive development in line with the SDGs [Sustainable Development Goals] and global climate goals,” she said.
Nonetheless, Tionko vowed that the Philippines will “adopt a robust agenda focusing on improved healthcare and transport capacity; easing local and international movement restrictions, especially in global value chains; digital transformation; and resumption of face-to-face learning” to minimize the economic scarring from the pandemic.
She said the Philippines will continue pursuing its Comprehensive Tax Reform Program, which provides tax relief to individuals, micro, small, and medium, enterprises (MSMEs), and corporations; broadens the tax base; promotes financial inclusion; and increases excise taxes on the consumption of “sin” or harmful products, Undersecretary Tionko said.
In other forums hosted by the UN-Ecosoc under the Financing for Development umbrella, Finance Assistant Secretary Neil Adrian S. Cabiles also encouraged developed countries to lead the efforts on climate adaptation and mitigation, knowledge and technology transfer, technical assistance, among other means to achieve the goal of saving the planet from the effects of climate change.
“As a shared responsibility, we call on countries, multilateral development banks, and bilateral partners, and all stakeholders, to forge strong alliances and partnerships to innovate ways to reduce carbon emissions and integrate sustainable practices in all forms,” he added.
In the UN-Ecosoc Financing for Development Forum on Expanding Concessional Finance, he also pointed out that partners can extend grants and concessional financing to support climate-resilient projects and investments that conform to sustainable principles.
Developing countries should also continue finding “creative and innovative measures to ensure fiscal sustainability,” he said.
Apart from continuously pursuing tax reform and improvements in tax administration to boost domestic capital markets, Cabiles said the government will sustain infrastructure development while incorporating green and sustainable designs to revitalize the economy, broaden financial inclusion and ensure long-term growth.
“Lastly, we will strengthen fiscal risk mitigation mechanisms to continue protecting economic and development gains,” he said.
“With the continued support of our developing partners and the international community as a whole, the Philippines will continue to ensure judicious financial management and sound fiscal policies that will provide an enabling environment for the attainment of an inclusive and sustainable recovery despite the difficulties we face from ‘black swan’ events,” Cabiles added.