DOF urges tailored support for middle-income nations at UN conference

The Philippines has urged the international community to undertake urgent reforms of the global financial system to better address the development challenges faced by middle-income countries (MICs), amid mounting global risks.

In a statement on Wednesday, the Department of Finance (DOF) said the call was made by International Finance Group Undersecretary Joven Balbosa during the Fourth International Conference on Financing for Development (FFD4), held from June 30 to July 3 in Seville, Spain.

The conference brought together high-level representatives from governments, international organizations, civil society, and the private sector to discuss ways to strengthen development financing and deliver on the Sustainable Development Goals (SDGs). It culminated in the adoption of the Compromiso de Sevilla, a new financing framework aimed at supporting developing countries.

Representing the Group of 77 and China, as well as the Like-Minded Group for MICs, the Philippines underscored the need for multilateral development banks (MDBs) to enhance international cooperation and prioritize technical support, sustainable debt practices, and broader governance reforms.

Balbosa emphasized the importance of going beyond gross domestic product (GDP) in assessing development needs and called for tailored support for MICs. He also supported calls for a new global debt architecture that reflects developing nations’ realities and development priorities.

The DOF backed proposals for increased official development assistance (ODA), concessional lending, and improved access to climate finance, while ensuring such funding does not displace traditional aid.

“The Philippines looks forward to the implementation of the Compromiso de Sevilla. Sustainable development is key to greater peace, stability, and prosperity for all,” Balbosa said.