Philippines seeks multilateral partners’ help vs inflation, debt

MANILA, Philippines — The Philippines has sought the help of its multilateral partners in addressing pressing issues particularly in developing countries hit the most by the pandemic.

Finance Secretary Benjamin Diokno is representing the Philippines at the Annual Meetings of the International Monetary Fund (IMF) and the Boards of Governors of the World Bank Group (WBG).

For the first time since the pandemic, the international community is coming together again in person to discuss ongoing development challenges and opportunities.

Diokno is serving as the second vice-chair of the Intergovernmental Group of 24 on International Monetary Affairs and Development (G-24) which coordinates the position of developing countries on monetary and development issues.

“During this turbulent time, stronger commitment from our multilateral partners will help us overcome the adverse socioeconomic impacts of these crises and build resilience from future shocks,” Diokno said.

He added that high global inflation, the growing need to expand liquidity support and development financing, debt distress, and climate change were the priority discussion areas during the G-24 Ministers and Governors Meeting.

The Philippines is not spared from various economic problems that are the effects of global developments.

For one, the country continues to have a hard time managing inflation, which sizzled to a four-year high of 6.9 percent in September.

Nonetheless, Diokno said the government has undertaken measures to address high inflation.

“These include targeted support to the most vulnerable sectors, investments in local food production, and continued importation of goods, among others,” he said.

Apart from inflation, the Philippines is also dealing with bloated debt which breached the P13-trillion mark as of August, as well as the continued weakening of the peso.