Finance Secretary Frederick D. Go said Southeast Asian economies must mobilize greater private capital for infrastructure, artificial intelligence (AI), and clean energy to sustain growth and generate 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) — the ASEAN Finance Ministers–World Bank Group (WBG) Dialogue with WBG President Ajay Banga. The meeting took place on the sidelines of the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund in Bangkok, a yearly gathering that convenes finance ministers, central bankers, and development officials from member countries.

According to the DoF, the dialogue identified areas for World Bank support and concrete next steps to sustain cooperation between ASEAN and the institution. ASEAN member states also called for deeper engagement with the bank to address regional challenges, including infrastructure and financing gaps, climate adaptation, an improved 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 department said the bank views the mobilization of private capital as 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. That approach — using public funds to de-risk projects and draw in private investors, often described in development finance as blended or catalytic finance — is a widely used tool for multilateral lenders working where government budgets are stretched.

In a separate meeting on the sidelines of the Annual Meetings, Mr. Go sat down with Singapore's Second Minister for Finance Indranee Rajah to discuss key ASEAN initiatives as the Philippines prepares to hand over the ASEAN chairmanship to Singapore in 2027. The chairmanship rotates annually among ASEAN members, with each chair setting the bloc's agenda for its term.

"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 Southeast Asia Disaster Risk Insurance Facility is a regional disaster risk financing facility established by Southeast Asian governments with World Bank support, while the ASEAN Power Grid is a long-standing plan to interconnect member states' electricity networks.

"The meeting underscored opportunities to advance regional cooperation on disaster resilience, energy connectivity, climate action, and financial integration," it added.

The concrete next steps identified in the dialogue, and the 2027 chairmanship handover to Singapore, are the near-term markers for how ASEAN and the World Bank Group convert these priorities into financed projects.

Reporting by Justine Irish D. Tabile for BusinessWorld.