Diokno discusses financing modalities to support health and sustainable infrastructure with ASEAN ministers

Finance Secretary Benjamin E. Diokno represented the Philippines at the ASEAN Finance and Health Ministers Meeting (AFHMM) and the ASEAN High-Level Dialogue on Promoting Sustainable Infrastructure Development on August 24, 2023 in Mulia Hotel, Jakarta, Indonesia. The meetings are part of the official activities leading up to the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) on August 25.

With the theme of Fostering Recovery through Strengthening Finance and Health Collaboration for Regional Health Architecture, the AFHMM gathers Finance and Health Ministers from member countries to exchange views on the preliminary findings and recommendations of the Asian Development Bank’s (ADB) Study on the National & Regional Financial Architecture for Strengthening Post-COVID-19 Pandemic Prevention, Preparedness and Response (PPR) in Southeast Asia.

“We acknowledge the importance of fostering close cooperation between finance and health authorities to enhance the region’s readiness in addressing public health emergencies,” Secretary Diokno said in his intervention.

The study quantified the financing gap and disparities in ASEAN countries’ resources to address the COVID-19 pandemic, exposing the varied levels of readiness of countries in the region. The findings highlighted the necessity for a coordinated and coherent regional strategy to recover from the pandemic and prepare for future biosecurity threats.

The report also identified specific approaches that governments can take, including ramping up domestic resource mobilization and investment in public health; leveraging private sector participation through public-private partnerships; strengthening the expanded COVID-19 and Other Public Health Emergencies and Emerging Diseases ASEAN Response Fund (CARF); and exploring a possible regional financial facility with the support of multilateral development banks.

“We need to ensure that the financing modality will address significant gaps in achieving the region’s PPR readiness to avoid duplication of existing international and regional mechanisms for pandemic PPR,” Secretary Diokno added.

Secretary Diokno also attended the High-Level Dialogue on