THE Marcos administration has called on the World Bank to accelerate and streamline crisis-related financing support as the rising geopolitical tensions and climate risks are increasingly straining the country’s ability to respond to shocks.
Speaking during a meeting of the EDS15 Constituency, a group comprising nine countries including the Philippines, Finance Secretary Frederick Go said timely and more flexible financial assistance was crucial to sustaining economic growth and strengthening disaster responses.
“The Philippines is one with the bank’s position to ensure that such agendas are sustained across political cycles, recognizing that they are fundamental in building prosperous, inclusive and sustainable societies,” Go said in a statement.
The Finance chief urged the multilateral lender to simplify its processes to enable faster approval and release of funds during emergencies. He emphasized that delays in accessing financing could hinder the government’s ability to respond effectively to both natural disasters and external economic shocks.
Go also pushed for the continued rollout and expansion of disaster risk financing programs, which allow countries to quickly access funds in the aftermath of calamities, as this was critical for a disaster-prone country like the Philippines.
He noted that global uncertainties, particularly geopolitical tensions in the Middle East, were adding pressure on economies through higher oil prices.
“Rising global uncertainties, such as higher oil prices driven by geopolitical tensions, can affect everyday life by increasing the cost of goods, slowing investments and straining government resources,” he said.
Go is also seeking scaled-up financial support from the World Bank, including more affordable lending terms, to ensure that key development programs remain funded despite tighter global financial conditions.
“This would help ensure that critical investments, specifically those that create jobs and support vulnerable and upper-middle-income communities, can continue despite global challenges,” he said.
Meanwhile, during the Intergovernmental Group of Twenty-Four (G-24) Ministers’ and Governors’ Meeting held on April 14, Go also reiterated the need for stronger international support as overlapping global challenges continue to weigh on developing economies.
He warned that limited fiscal space was constraining countries’ ability to respond to shocks while maintaining spending on social services and development programs.
Go underscored the importance of scaling up flexible financing options, including budget support and emergency funding, to help countries absorb external pressures without derailing economic progress.
He also called for deeper mobilization of private capital to drive investments in infrastructure, energy transition and digital services — key sectors seen to generate jobs and support long-term growth.
“Sustaining progress requires collective resolve. We call on countries and development partners to deepen collaboration in responding to both current and emerging crises,” Go said.
“We therefore urge renewed multilateralism and deeper international cooperation to strengthen and stabilize the global financial architecture — so that economic transformation is achieved and progress remains inclusive and sustainable.
