FINANCE SECRETARY Frederick D. Go said Southeast Asian economies need to mobilize more private capital for infrastructure, artificial intelligence (AI) and clean energy to drive growth and create better-paying jobs.
“The World Bank Group can help ASEAN (Association of Southeast Asian Nations) turn bankable ideas into investable projects, connect policy reforms with private capital, and share solutions across countries,” Mr. Go said in a statement on Wednesday.
As this year’s ASEAN Chair, the Philippines, through the Department of Finance (DoF), hosted the ASEAN Finance Ministers–World Bank Group (WBG) Dialogue with WBG President Ajay Banga.
Held on the sidelines of the 2026 Annual Meetings of the WBG and the International Monetary Fund in Bangkok, the dialogue identified areas for World Bank support and concrete next steps to sustain cooperation between ASEAN and the World Bank.
ASEAN member states also called for deeper engagement with the bank to address regional challenges, including infrastructure and financing gaps, climate adaptation, improving the business environment, and job creation.
“They recognized the WBG’s role in supporting these priorities through guarantees, technical assistance, and capacity building,” the DoF said.
Quoting Mr. Banga, the DoF said the bank considers the mobilization of private capital essential to achieving development goals amid constraints on public finances worldwide.
“He stressed that private investment must complement — not replace — public financing, with public resources strategically deployed to attract and multiply private capital,” it added.
Separately, Mr. Go met with Singapore Second Minister for Finance Indranee Rajah on the sidelines of the Annual Meetings to discuss key ASEAN initiatives as the Philippines prepares to hand over the ASEAN chair to Singapore in 2027.
“Discussions covered the continuation of the Southeast Asia Disaster Risk Insurance Facility, the development of the ASEAN Power Grid, carbon markets, and cross-border digital payments,” the DoF said in a Facebook post.
“The meeting underscored opportunities to advance regional cooperation on disaster resilience, energy connectivity, climate action, and financial integration,” it added. — Justine Irish D. Tabile