The 2nd installment of the Urban Finance webinar series explored the challenges of financing sustainable city development from the perspective of city leaders from Philippines and Malaysia. The panelists also discussed how their city development needs and financing requirements are being re-prioritised especially in a post-COVID investment climate.
Moderator:
Wadzi Katsidizira- Manager, Global Development Incubator
Speakers:
1.Noraini Roslan-Mayor of Subang Jaya, Malaysia
2.Arlene Arcillas-Mayor of Santa Rosa, Philippines
3.Jaime Paulo Mora- Senior Program Officer, CityNet Secretariat
Summary:
This South Asia centered webinar dives into the perspective of the sub national government in accessing financing for their development needs. How do the mayors react to the current pandemic and continue with their efforts in building infrastructure projects? Three panelists share their experiences from cities in Malaysia and the Philippines about the simultaneous hazards of this year and the capacity to react and mitigate them.
Owing to the ongoing pandemic, the cities witnessed reduced economic activity and as a result lower tax revenues. This negatively impacted the cities’ budgets and consequently reducing their capability to finance infrastructure and resilience projects like flood prevention and even the much needed relief response. The panelists emphasized the need to adopt new measures to be able to address their financing requirements and also incorporate risk mitigation strategies that address new risks such as health hazards.