The move was confirmed by Finance Undersecretary for international finance group (IFG) Joven Z. Balbosa at the 31st APEC Finance Ministers’ Meeting (FMM) held in Lima, Peru on Oct. 21, 2024.
With this year’s theme, "Sustainable + Digital + Resilient = APEC," the FMM underscored the need for a more sustainable, digital, and resilient Asia-Pacific region.
Resources and tools sharing
The SFI, initiated under the APEC Finance Ministers Process, is designed as a collaborative, voluntary, and non-binding platform for public and private sectors and international organizations to share resources and tools to promote sustainable finance.
The Philippines has committed to advancing disaster risk finance (DRF) efforts and shared its Sustainable Finance Roadmap, a core component of the country’s fiscal policy framework.
Roadmap
This roadmap integrates sustainable development goals into fiscal policies, public budgeting, and public-private partnerships.
The DOF highlighted its ongoing collaboration with the World Bank to review and update its 2015 DRF Strategy, inviting APEC members to align with the APEC Disaster Risk Financing and Insurance (DRFI) Working Group Work Plan.
