PH pushes sustainable dev't finance reforms

The Philippines has thrown its support behind a commitment to reform international financial systems to address the $4-trillion, or around P225-trillion, annual gap in sustainable development funding.

- By DEXTER BARRO II

Presented during the recently concluded Fourth International Conference on Financing for Development (FFD4) in Spain, 192 out of the 193 member states of the United Nations (UN) endorsed the Sevilla Commitment—named after the host city.

The 38-page outcome document affirmed a global pledge to take concrete actions to unlock innovative financial resources, enhance fiscal space, and lower the cost of capital, among others.

One of the key priorities is to address the debt challenges of developing countries, especially in areas where spending on interest exceeds that on health or education.

An analysis from the UN Conference on Trade and Development (UNCTAD) showed that approximately 3.4 billion people are living in countries under this setup, restricting their access to services critical for development.

Through the Sevilla Commitment, UN member states strive to deliver adequate and accessible financing from all sources, alongside support through fairer debt mechanisms and stronger support for digital infrastructure.