Finance Secretary Benjamin Diokno asked Japanese banks to invest in the Philippines’ infrastructure projects at the sidelines of the 2023 Annual Meetings of the World Bank and International Monetary Fund (WB-IMF) in Marrakech, Morrocco.
The banks expressed strong interest in advancing investments in the Philippines’ RE, sustainable technology, infrastructure and fixed-income instruments.
Diokno met with representatives from the Japan Bank for International Cooperation (JBIC), Mizuho Securities and Nomura Holdings and told them about the Philippines’ renewed focus on a just transition to RE, opportunities for PPPs and investments in the country’s infrastructure flagship projects (IFPs), and growing market for bonds and sustainable finance instruments.
The meetings with Japanese financial institutions sustained Philippines-Japan discussions following the President Ferdinand Marcos Jr.’s state visit to Japan in February 2023 and the recent high-level joint committee meeting on infrastructure and economic cooperation in Japan in August 2023.
Meanwhile, Diokno showcased the government’s growth strategies and called for increased investments in climate adaptation and mitigation.
“The prospects of the Philippine economy remain strong and positive. To achieve the target growth rate of 6 to 7 percent this year, one of the key strategies will be accelerating the implementation of government programs and projects, including the delivery of public services under the national budget,” Diokno said.
He acknowledged the World Bank’s role in the country’s growth strategies and overall development agenda as one of the Philippines’ largest official development assistance (ODA) partners.
He asked the World Bank and other public and private stakeholders to make financing for climate projects more accessible, especially for countries hardest hit by climate-related hazards.
“[We] call on the bank to improve concessional financing for climate adaptation and mitigation projects in pursuit of climate justice,” he said.