27 April 2016 – Philippines National Treasurer Roberto B. Tan of the Department of Finance - Bureau of Treasury highlighted the huge gains the country has achieved in mainstreaming financing for development (FFD) in its financial system and adopting transformative actions for the 2030 Sustainable Development Agenda on April 18.
At the Inaugural Financing for Development Forum held at the United Nations Headquarters, Mr. Tan said the continuing reforms undertaken by the Philippines have resulted in a stronger link between its development plans and more effective use of its resources.
Among the areas of reform are in revenue administration and modernization of the Philippines revenue collection system, which led to increased tax revenues and reduced tax evasion cases and opportunities for corruption.
“We are in the advance stage of enacting legislation which would modernize our custom operations which will align it with global standards,” he added.
Moreover, Mr. Tan said Philippine financial institutions have actively enforced policies and launched initiatives to increase domestic public resources.
“In particular, to strengthen our anti-money laundering mechanisms, we continue to institute better controls and safeguards. We remain actively engaged in the discussions on ensuring vigilance and aligning regulations with global practices, particularly against tax evasion and illicit financial transactions,” he elaborated.
In the area of climate action, Mr. Tan disclosed that the Philippines established the People’s Survival Fund, the national climate fund, to support financing of transformational projects for the most vulnerable and at-risk to adapt to the effects of climate change. This Fund is provided an annual appropriation of at least US$20 million.
The National Treasurer also discussed how the Philippines continues to encourage private sector participation through more public-private partnerships (PPP).
“The key is a robust regulatory framework and government infrastructure development program. To strengthen this, we are currently working on the passage of an enhanced legal framework for better implementation of PPP projects,” he said.
On international development cooperation, Mr. Tan said the Philippines is aiming for enhanced partnership with its development partners in various areas including science and technology, innovation, and capacity building.
The launch of the FFD Forum marked a significant milestone on development cooperation in the UN process. The FFD forum reaffirmed Member States’ strong commitment to the full and timely implementation of the 2015 Addis Ababa Action Agenda on financing for development. END