MANILA–More than a thousand members of economic, finance, and climate justice groups marched to the U.S. Embassy on June 27, 2025, calling for a major overhaul of the global economic and financial system.
Protesters demanded the implementation of wealth taxes to boost public revenue and the cancellation of unsustainable debts to ease fiscal pressure on developing countries.
Citing an OECD report, they warned that the gap between development financing needs and available resources could balloon to USD 6.4 trillion by 2030 without significant reforms. Since 2015, global development finance needs have surged by 36%, partly due to the worsening impacts of the climate crisis.
They also urged wealthy nations to fulfill their climate finance obligations, pointing out that climate-related economic losses are draining the limited public funds of the world’s most vulnerable economies.
Organized by the Asian Peoples’ Movement on Debt and Development (APMDD), the march was part of a global wave of protests held simultaneously across Asia, Europe, Africa, North America, and Latin America.
The actions were timed ahead of the 4th International Conference on Financing for Development (FFD4) in Sevilla, Spain, where world leaders will convene from June 30 to July 3 to address urgent development financing needs.
According to protest organizers, the FFD4 presents a critical opportunity to push for a more democratic approach to debt governance through a UN Debt Convention—shifting control away from institutions like the IMF, World Bank, and dominant Global North creditors.
Photo by Kenosis Yap / Mata: Asia Press Photo
