Multilateral Cooperation Center for Development Finance (MCDF) Chief Executive Officer (CEO) Mr. Zhongjing Wang met Philippines Finance Secretary Mr. Benjamin E. Diokno in Manila, Philippines on 29 June 2023 and discussed areas of possible cooperation between MCDF and the Philippines.

Secretary Diokno mentioned that during the previous administration, Philippines’ investment in infrastructure development has increased from 1-2% of GDP to about 5% of GDP, and the current administration intends to maintain this level of investment to continue with the “Golden Age of Infrastructure.” Secretary Diokno explained that in the Philippines, four major infrastructure sectors now belong to the private sector and noted that under a recent legislation, 100% foreign ownership has been opened up to many infrastructure sectors including energy.

MCDF CEO Mr. Wang introduced MCDF to Secretary Diokno and expressed his strong hope for MCDF to identify connectivity and infrastructure projects in the Philippines.  Responding to Secretary Diokno’s inquiry if MCDF can support capacity development to ensure projects’ sustainability, Mr. Wang noted MCDF’s preparedness to support Philippine’s effective implementation of infrastructure investment. “We appreciate that Philippines has been supporting MCDF from its establishment,” said Mr. Wang. “It was great that using MCDF as a platform, Philippines has also shared its experience with other developing countries in areas such as domestic capital market development. Providing a platform for developing countries to teach each other to promote partnership is also the strength of MCDF,” Mr. Wang added.