Financing the future: Public markets as a path to shared growth

Twenty years ago, I began my diplomatic journey in the Philippines as Second Secretary Political, Press and Public Affairs. I was immediately struck by the country’s energy, talent and global ambition. Now, in 2025, I return to an equally vibrant nation. Its economy is a testament to resilience and progress, having overcome global financial crisis and pandemic to emerge stronger and more dynamic than ever before.

- SARAH HULTON

Yet, even as the Philippines continues to make progress, it faces a challenge shared by countries around the world: financing the infrastructure, services and innovation that are needed to meet the Sustainable Development Goals.

Meeting these goals, such as access to clean water, expanding renewable energy and building resilient infrastructure, requires substantial investment. The United Nations estimates that $6.4 trillion (P375 trillion) is required annually through to 2030. The scale of funding far exceeds what national budgets can provide.

The solution lies in unlocking the power of public markets: mobilizing long-term private finance at scale, while allowing citizens to become direct shareholders in their country’s prosperity. More than $250 trillion flows through global stock and bond markets every year. That’s 20 times the value of all private equity and venture capital combined. That’s 100 times the balance sheets of all the multilateral development banks put together. If we direct a fraction of this toward emerging markets, the impact would be transformational.

Public markets are where citizens, companies and investors converge to fund national ambition. They enable the public - through pooled savings, pensions and mutual funds - to connect with companies looking for capital to innovate, grow and deliver projects which support the national development agenda.

The UK has long championed public markets as a force for sustainable and inclusive growth. And few cities illustrate the transformative power of public markets better than the City of London.