Philippines Plays Active Part in Shaping New Global Sustainable Development Financing Framework
Department of Finance (DOF) Undersecretary Joven Z. Balbosa delivers the Philippines’ national statement during the Fourth International Conference on Financing for Development (FfD4).
SEVILLA 11 July 2025 – The Philippines joined the international community in the Fourth International Conference on Financing for Development (FfD4) held on 30 June to 03 July 2025 in Seville, Spain. The Conference is a once in a decade four-day summit of nations to discuss reform financing at all levels, including to support reform of the international financial architecture and addressing financing challenges preventing the attainment of the 2030 Sustainable Development Goals (SDGs).
Organized by the United Nations (UN), particularly the UN Nations Office for Project Services (UNOPS) the UN Department of Economic and Social Affairs (UN DESA), in cooperation with the Kingdom of Spain, the Conference brought together representatives from governments, the UN, international and regional organizations, financial and trade institutions, businesses, and civil society.
The Philippine delegation, led by Department of Finance Undersecretary for the International Finance Group, Hon. Joven Z. Balbosa, comprised key officials from the Department of Foreign Affairs, including the Office of the United Nations and International Organizations, the Office of the Undersecretary for Multilateral Affairs and International Economic Relations, the Embassy of the Philippines in Madrid, Spain, and the Permanent Mission of the Philippines to the UN in New York. Officials from the Department of Trade and Industry - Board of Investments, the Department of Economy, Planning, and Development,and the Securities and Exchange Commission also joined the delegation.
The FfD4’s outcome document was dubbed the Compromiso de Sevilla (the Seville Commitment). It was finalized and endorsed by UN Member States following months of intensive intergovernmental negotiations at the UN General Assembly facilitated by Mexico, Nepal, Zambia and Norway. The Permanent Mission of the Philippines to the UN in New York played an active role in drafting paragraphs of the document, including those that involved the critical importance of remittances of overseas workers in the economic development of countries and how such financial flows should be facilitated, protected and maximized.
The Compromiso is intended as the cornerstone of a renewed global framework for financing sustainable development, particularly amid a widening $4 trillion annual financing gap faced by developing countries.
The Philippines took a leading role during the FfD4 Conference itself, having been elected as one of its Vice Presidents to preside over the plenary sessions. The Philippines articulated its priorities in moving forward the shared aspiration to reform the international financial architecture that is responsive to all countries and peoples, including through enhanced representation of developing countries.
“We encourage strong focus on capacity-building and technical assistance for developing countries to realize the outcomes of financing for development, particularly in science and technology, digital literacy and infrastructure, training, and knowledge-sharing,” Undersecretary Balbosa stated.
He added “Sevilla underscores the much-needed reform of the international financial architecture – to ensure more meaningful representation and decision-making power of developing countries in Bretton Woods institutions, as well as global macroeconomic coordination and safety nets.”
The Philippines also delivered a statement in the country’s capacity as Chair of the Like-Minded Group of Middle-Income Countries.
Undersecretary Balbosa remarked,“FfD4 comes at a time when multilateralism and sustainable development face deliberate challenges. Middle-income countries continue to face fiscal tightening, rising debt burdens, limited access to a truly inclusive development cooperation and financing, and increasing external shocks. In this context, it is the middle-income countries themselves that must uphold and strengthen a robust multilateralism that is capable of addressing these pressing challenges.”
The Philippines prioritized its international financing advocacies by co-organizing and co-sponsoring a total of five side-events on a wide range of topics, to drive forward the country’s views on migration, remittances, innovative and green financing, and public markets.
These side-events include: (a) How to enhance Safe, Orderly and Regular Migration through development financing; (b) From FFD4 commitments to actions: Maximizing Remittances and Diaspora investments towards Financing Development; (c) Mobilizing Finance for Sustainable Development: Prospects and Challenges of Innovative Financing Instruments; (d) Unlocking Green Investment in ASEAN through Investable Projects: The Untapped Role of Investment Promotion Agencies; and (e) High-Level Event on ‘Turbocharging Private Capital in EMDEs: Unlocking the Power of Public Markets’.
During the side-event on “How to enhance Safe, Orderly and Regular Migration through development financing”, DFA-UNIO Deputy Assistant Secretary Ambrosio Brian F. Enciso III presented on the Philippines’ national and global initiatives to ensure that there is adequate financing for migration and for the welfare of migrants.
“Migration financing must not lose sight of our responsibility to leave no one behind,” Deputy Assistant Secretary Enciso remarked. “We need to target projects for migrants who are part of groups in vulnerable situations, including women and children, persons with disabilities, and indigenous peoples.” END
DFA-UNIO Deputy Assistant Secretary Ambrosio Brian F. Enciso III joins the Philippines-co-sponsored side-event on “How to enhance Safe, Orderly and Regular Migration through development financing,” moderated by International Organization for Migration (IOM) Director-General Amy Pope.