Towards Financing the Millennium Development Goals of the Philippines
AbstractThis study resulted from UNDPs interest in the Philippine proposal for debt-to-MDG financing presented to the United Nations in September 2005. It is based on an analysis of the problem and the processes involved as well as consultations with key Philippine stakeholders, and views of creditor countries. One of the salient points of the study is the need to improve the Philippines performance to meet the Millennium Development Goal (MDG) targets. The Philippines lags behind in terms of achieving the 2015 MDG targets as compared with her neighbors. There is obviously a need to hasten and broaden activities, projects, and programs that will quickly address the problems. Another key point is the large gaps in financing the attainment of the MDG targets in 2006-2015. Although the enactment of new tax measures eased the fiscal situation starting in 2006, the additional fiscal resources are still inadequate to fully cover MDG resource requirements. Bridging the MDG financing gaps calls for policies geared toward improving income and employment generation as well as the savings mobilization of Filipinos. The study suggests policies to promote equitable distribution of income and wealth to improve the MDGs substantially and reduce the MDG financing needs. It also proposes concrete recommendations to mobilize and safeguard MDG financing as well as policies for debt reduction or debt conversion to MDG financing.
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Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Development Economics Working Papers with number 22647.
Date of creation: Jan 2006
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millennium development goal (MDG); MDG financing; MDG projects and programs; financing gap; debt reduction; debt conversion; debt management;
Find related papers by JEL classification:
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
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