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Prepared by: A. L. F.

Carino

SUBJECT : Summary of Pre-SONA Forum of the Economic and Infrastructure Cabinet


Cluster
DATE : 9 July 2020

President Rodrigo Duterte’s cabinet holds a forum to showcase the achievements of the Duterte
presidency in the lead up to his fifth State of the Nation Address (SONA) this month. Titled “Tatak ng
Pagbabago 2020: The Pre-SONA Forum,” the three-part forum discusses the government’s package
of policies and programs that ensure and promote the Filipino people’s welfare. This year’s Pre-
SONA focuses on how the Administration is working to ensure that the needs of the Filipino citizenry
are met amid the crises caused by the coronavirus disease 2019 (Covid-19) pandemic.

The first part of the Pre-SONA which aired on July 8, 2020 showed Finance Secretary Carlos
Dominguez and Bangko Sentral ng Pilipinas Governor Benjamin Diokno deliver the report of the
Economic Development Cluster, and Public Works and Highways Secretary Mark Villar deliver the
report of the Infrastructure Cluster.

ECONOMIC DEVELOPMENT CLUSTER

Secretary Carlos P. Dominguez


Department of Finance

Highlights:
1. Estimated number of infections prevented due to government interventions, such as
lockdowns, according to the Epidemiological Models of the FASSSTER Project in April and the
UP Covid-19 Pandemic Response Team ranges from 1.3 to 3.5 million.
2. Filipinos are encouraged to do their part as individuals by adhering to the Minimum Health
Standards.
3. The Duterte administration’s prudent approach to fiscal and economic management made us
one of the strongest, most resilient, and most credit-worthy economies in the region. This
allows us to bridge financial gaps with additional borrowing.

On Covid-19 Pandemic Situation:

Metric Remarks
From 300 tests per day in March 2020 to an average of 18, 141
Tests conducted per day
tests per day in July 2020
Philippines’ Positivity Rate is 7.4%, which meets the World Health
Positivity Rate
Organization’s Positivity Rate benchmark of 10%
Personal Protective From 1 million as of April 30, 2020 to 6 million as of June 30, 2020
Equipment (PPE) procured Procurement expedited through the Bayanihan to Heal as One Act
Infected Healthcare workers From 20% as of April 30, 2020 to 7.94% as of July 5, 2020
Number of beds in From 33,384 beds as of April 16, 2020 to 63,088 beds as of July
quarantine facilities 6, 2020, a 106% increase in capacity
Only 31 out of 32,845 or 0.1% of active cases are critical or
Critical Covid-19 cases
severe

On the Economy:

Metric Remarks
GDP Growth Rate Q1 2020 growth rate was -0.2%, the first time in two decades that
Prepared by: A.L.F. Carino

our economy suffered a contraction


Philippines among the fastest growing economies in Asia, with an
average GDP growth of 6.6% from 2016 to 2019
Unemployment Rate Spiked to 17.7% percent in April 2020 from 5.3% in Q1 2020
Collections from BIR and BoC decreased by 16% from P1,375.47
billion in the first half of 2019 to P1,155.00 billion in the first half of
Tax Collections
2020; significantly less taxes collected than what was projected at
the start of the year
Will more than double as tax collections are down and as we
Deficit-to-GDP Ratio spend more for the people; from 3.4% in 2019 to 8.4% in 2020 for
the same period
Surpassed its June 2020 target of P40.74 billion by 4.4%, with
BoC Collections
actual collection of P42.54 billion; seen as a sign of recovery
Overall manufacturing Increased to 73.4% in May compared to 71.2% in April; seen as a
capacity utilization sign of recovery as the economy reopens
The 2019 Debt-to-GDP ratio of 39.6% is the lowest it has been
Debt-to-GDP Ratio
since the country started recording this metric in 1986
Revenues as percentage of Revenues were at 16.1% of GDP in 2019, the best performance
GDP since 1998; provide solid footing for the Build Build Build Program
Infrastructure Spending-to- Accelerated spending on infrastructure investments to 5.4% in
GDP GDP in 2019
June 2020 inflation rate slowed to 2.5%; prices in June have only
Inflation Rate
gone up by 0.2% compared to prices in January
President’s promise of lifting 6 million Filipinos from poverty by
Poverty Incidence
2022 was achieved ahead of schedule in 2018
Affirmed ‘BBB’ rating or investment rate level; allows us to access
Credit Rating
debt at low cost; credit rating

Budgetary Supports:

Amount Source
USD 5.28 billion Budgetary Financing Support Raised from Development Partners
as of July 1, 2020
USD 126.36 million Ongoing Financing for Covid-19 Response Projects from
Development Partners as of July 1, 2020 (from ADB and
Government of Japan)
P 1.2 trillion Net domestic borrowings from the beginning of the year and as of
June 30, 2020
P 149.6 billion Remittances received from GOCCs since the start of the year
and as of July 3, 2020

Immediate Relief Measures for the Filipino people:

Agency Program Remarks


Social Security Calamity  members may apply for a loan of up to P20,000
System (SSS) Assistance depending on their monthly salary credit in the
Program last 12 months
 the loan carries a 6% interest with a 27-month
term, inclusive of 3 month moratorium
 already approved a total of 478,661 loan
applications amounting to P7.5 billion as of June
Prepared by: A.L.F. Carino

15 to July 3, 2020
 as of July 5, P1.7 billion in loans was released to
102,567 borrowers
Unemployment  applies to all private sector workers, including
Benefits household helpers and OFWs who were laid off,
terminated, or involuntarily separated from their
work
 can borrow two months’ worth of salary
 from March 16 to July 5, 6346 applications
approved totaling P84.4 million
 as of July 5, total of P 76.2 million worth of
benefits released to 5740 applicants
Government Computer Loan  will be available to active members starting
Service Program August 1
Insurance  will help members purchase a laptop or
System (GSIS) desktop in light of the new normal or holding
distance or online classes
 payable in 3 years at 6% interest rate
Educational Loan  for members to pay tuition and other school
Program fees of their nominated student-beneficiaries
 will be available starting September 17
 maximum loan amount for a given academic
school year is P100,000, payable after 5
years from initial loan take out
Landbank of the Academic  help students in select academic institutions to
Philippines (LBP) Development to continue their education amid financial
Empower the difficulties due to the pandemic
Masses towards  interest rate of 3% per annum and payable
Endless based on the maturity of the sub-promissory
Opportunities notes but not to exceed 3 years
(ACADEME)  since May, over 80 private educational
Lending Program institutions nationwide have expressed interest
in accessing this credit facility
 as of July 1, loan applications totaling P260
million approved
Philippine P 120 Billion Credit  P120 billion-worth of loans for private banks
Guarantee Guarantee Program made available, for the banks to be able to
Corporation extend financial assistance to small business
owners
 already accredited 22 banks for a total facility of
P37.5 billion, to date
 business are expected to start availing the
program by July 1
Department of Assistance to  P6.48 billion financial assistance extended to
Labor and Displaced Workers over 1.18 million displaced workers in both
Employment and OFWs formal and informal sectors of the economy,
(DOLE) including returning OFWs
Technical Online Livelihood  71 online training programs have been made
Education and Training Programs available to all, especially displaced workers, for
Skills upskilling and eventual absorption into the
Prepared by: A.L.F. Carino

Development economy
Authority  722,022 individuals availed of program from
(TESDA) March 16 to July 5, 2020
Department of Online Learning  23 webinars conducted as part of its retooling
Tourism (DOT) Series Workshop program for industry stakeholders
 7,192 individuals participated since April 2020
Department of Cash Subsidies to  1,014,239 farmers and fisherfolks received cash
Agriculture (DA) Farmers and subsidies worth P5,000 each as part of DA’s
Fisherfolks Financial Subsidy to Rice Farmers (FSRF) and
Rice Farmers Financial Assistance (RFFA)
programs
 farmers can tap the Survival and Recovery Aid
Program the Agricultural Credit Policy Council
for additional financial assistance
Department of P1.0 billion Covid-  1994 loan applications amounting to P152.4
Trade and 19 Assistance to million have been approved by DTI and SBC as
Industry (DTI) Restart Enterprises of July 6
Small Business Loan Program  loans totaling P14.2 million have been released
Corporation to 183 borrowers as of July 6
(SBC)  loan amount ranges from 10,000 to 500,000 at
zero interest rate payable in either 18 or 30
months

Priority Actions to Revive the Economy:

1. Restarting of the Build Build Build Program subject to compliance with health and safety
protocols
2. Programs to help businesses equip themselves to operate in the new normal
 DOST’s Small Enterprise Technology Upgrading Program, to help businesses transition
to online and contactless operations
 DICT providing online resources for businesses and workers under a work-from-home
program
 DOE will pursue its total electrification program and will be supported by P2.46b billion
access to Sustainable Energy program grant from the European Union; provide access
to basic electricity services, focus on Mindanao
3. President’s 8888 Hotline active for all citizen concerns

The Executive Branch is doing its best to help the economy recover at the soonest possible time, but
for other vital measures to boost economic activity and fortify key sectors, we need Congress’ action.
Four Legislative Imperatives to Revive the Economy:

1. Infuse additional capital to our government financial institutions


2. Allow banks to dispose of non-performing loans and assets through asset management
companies
3. Pass the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) to bring down
the country’s current income tax rate from 30 to 25 immediately
4. Provide greater support to the agricultural sector

Other priorities:
Prepared by: A.L.F. Carino

1. Maintain the Build, Build, Build program


2. Projects in the areas of health, education, housing, and water and sanitation
3. Continuing commitment to bold fiscal and economic reform measures
4. Support complementary bills to open the country to more foreign direct investments

-------------------------------------------
Governor Benjamin E. Diokno
Bangko Sentral ng Pilipinas

Highlights:
1. The Philippines entered the global pandemic with strong macroeconomic fundamentals
compared to its regional peers
2. Amid the COVID-19 crisis, the BSP implemented measures to complement the National
Government’s broader health and fiscal programs. The decision to unwind COVID-19 policy
responses must be done in a gradual, prudent and informed manner.
3. BSP remains committed in implementing necessary policy measures and reforms to help the
Philippine economy recover from the COVID-19 crisis and to build its resilience against future
crises.

Philippines entered the global pandemic with strong macroeconomic fundamentals, compared to its
regional peers. Robust growth, good fiscal performance, and strong external and financial sector
positions provided the country relative stability amid the pandemic.

On the Financial Economy:

Metric Remarks
Inflation Settled at an average of 2.5% in 2019, down from 5.2% in 2018. In the
first 6 months of 2020, inflation averaged at 2.5%. Inflation is expected to
settle at 2.3% by the end of the year
Capital Adequacy 15.4% solo and 16% consolidated, as of end December 2019
ratio
Gross Non- 1.9%
performing
Loans ratio
Non-performing 1.6%
Assets ratio
Balance of surplus of 7.8 billion in 2019, turnaround from the US 2.3 billion deficit
Payments registered in 2018
Gross International As of end May 2020, stood at an all-time high of 93.3 billion US dollars,
Reserves highest ever in Philippine history - enough to cover 8 months’ worth of
import of goods and payments for services and primary income
External Debt As of end March 2020, stood at 81.4 billion, lower by 2.2 billion than its
Stocks recorded level in end December 2019
External Debt-to- declined from 59.7 in 2005 to 22.2 % in 2019, one of the lowest among
GDP ratio Asian countries

BSP measures to support economic growth:

1. Liberalization of foreign exchange regulations facilitates access to foreign exchange


resources
Prepared by: A.L.F. Carino

2. Ensuring safe and reliable National Payments and Settlements System


 BSP launched National Retail Payment System (NRPS) in 2015 for carrying retail
payment activities, encourages electronic payments like InstaPay and PesoNet;
envisions a safe, reliable, inter-operable retail payment system in the country
 Volume and value of digital transactions grew while ATM and check transactions
declined
 EGov Pay Facility (digitalization of government collections and disbursements)
and QR Code (payment through code scanning)
3. BSP advocacy programs towards greater financial inclusion and inclusive growth
 National Strategy for Financial Inclusion (NSFI)
 Microfinance (154 banks with microfinance operations, serving more than 2
million micro-entrepreneurs with total loan value of P27.3 billion)
 Credit Surety Fund (CSF) Program (allows micro, small, and medium enterprises
(MSMEs) to take a loan, total of P5.7 billion loaned as of date)
 Economic and Financial Learning Program
4. Legislative Landmarks
 New Central Bank Act
 RA No. 11256 An Act to Strengthen the Country’s Gross International Reserves
 RA No. 11439 An Act Providing for the Regulation and Organization of Islamic
Banks
Objectives of BSP initiatives to mitigate impact of Covid-19:
1. Shore up market confidence and ensure adequate liquidity and credit
2. Complement government programs through extraordinary liquidity measures
 The estimated liquidity injection to the financial system from BSP measures is estimated
at about P1.3 trillion, equivalent to 6.4% of the country’s GDP; helps secure liquidity
3. Incentivize lending particularly to MSMEs
4. Extend financial relief to borrowers
5. Promote continued access to financial services
6. Support continued delivery of financial services
BSP Legislative Priorities:
 laws pertaining to the secrecy of bank deposits
 Credit Information System Act
 Agri-Agra Law
 Financial Consumer Protection Bill
BSP pushing for passage of the following:
 Financial Institutions Strategic Transfer (FIST) Bill
 Government Financial Institutions Unified Initiatives to Distressed Enterprises for
Economic Recovery (GUIDE) Bill
 Bayanihan Act II
Some notes:

1. GDP expected to bounce back to between 8 and 9 percent next year


2. BSP envisions an accelerated uptake on electronic retail payments, even for government
transactions
Prepared by: A.L.F. Carino

3. Financial and economic resilience of the Philippines has been recognized by international
institutions; credit rating now between BBB+ and A-, Philippines is best among 66 emerging
economies and first among Southeast Asian countries
------------------------------------------
INFRASTRUCTURE CLUSTER

Secretary Mark Villar


Department of Public Work and Highways

Accomplishments:

1. National Connectivity Program


 National Broadband Program - aims to improve internet speed by accelerating the
deployment of fiber optic cables and wireless technologies in the country and ensure
that all Filipinos have access to broadband capability; ICT equipment installation to be
completed by October 2020; Philippine government is expected to access 2Tb by 2021
 Free Wi-Fi for All Program – covers installation of free wi-fi access in public places
2. Digital Education and Workforce
 ICT Academy - an integrated capacity development system that will enable Filipinos to
develop ICT skills towards increased productivity and efficiency
 Skill Window - matching of employers with employees and online access to training
 Basic Education and Facilities Fund Program – aims to provide facilities that are safe
and conducive to learning; as of May 2020, 137,098 classrooms constructed nationwide
under the program
 DepEd Learning Continuity Plan - will ensure learning in spite of restrictions for face-to-
face classes; teachers trained in blending learning; ICT equipment delivered to schools
 DepEd computerization program – 1,042,575 computers distributed to schools
nationwide
 School Internet Connectivity – aims to increase the number of connected schools from
48% to 63%
3. Evacuation Center Development Program
 Measure for Disaster Risk Reduction, aims to construct at least 1 evacuation center per
province; currently 129 completed evacuation centers and 69 on-going construction
 Evacuation Center for Covid-19 patients – 63 facilities nationwide
 Center and Residential Care Facility Project – aims to provide shelter to the abused,
abandoned, PWDs, and deportees; 182 completed projects
4. Tatag ng Imprastraktura para sa Kapayapaan at Seguridad (TIKAS) – aims to ensure an
environment of peace and security; 297 TIKAS projects
5. Tourism Road Infrastructure Program (TRIP) – provides safe and efficient access to tourists
from pathways to service centers and tourism spots; 1,950km tourism roads completed
 Boracay Circumferential Road
 Almusgan-Bai-Caganayan Road, Tineg, Abra
 Maruaya-Dupitac-Calambeg-Estancia Road, Ilocos Norte
 Road leading to Villconzoilo Agri and Tourism Farm, Jaro, Leyte
 Access Road leading to Lao Integrated Farms – Mt. Apo Trail – Balutakay Waterfalls,
Davao Del Sur
 Mangatarem-Sta. Cruz Road (Daang Kalikasan)
6. Agri-Infrastructure Support Program – road networks are being built and improved to service
our farmers in the countryside in order to secure food security; 1,540km of farm-to-market
roads completed; 51km farm-to-mill roads completed
Prepared by: A.L.F. Carino

7. Roads Leveraging Linkages for Industry and Trade (Roll-It) Program – enhances road
connectivity and link priority and economic zones in the country; 437km access road
completed
 Road leading to Nasipit-Agusan Del Norte Industrial Estate Special Economic Zone
 Barbero Road and Service Road 6, Tagoloan, Misamis Oriental
8. Programme for the Support to Rehabilitation and Construction of Marawi City and Surrounding
Areas
9. Improving Growth Corridors in Mindanao Road Sector
10. Philippine High Standard Highway Network Program (Luzon, Cebu, Davao)
 Luzon Spine Expressway Network Program; travel time between Ilocos and Bicol
reduced from 20 hours to 9 hours
 Tarlac-Pangasinan-La Union Expressway (TPLEX); travel time between Tarlac City
and La Union reduced from 3.5 hours to 1 hour
 Central Luzon Link Expressway, Phase I; travel time between Tarlac City and
Cabanatuan City reduced from 70 minutes to 20 minutes
 Arterial (Plaridel) By-Pass Road, Phase III; travel time between Balagtas and San
Rafael, Bulacan reduced from 69 minutes to 24 minutes
 Southeast Metro Manila Expressway, C-6, Phase I; travel time from Bicutan to Batasan
reduced from 2 hours to 26 minutes
 NLEX Harbor Link Segment 10; travel time between Valenzuela City and Caloocan
reduced from 1 hour to 5 minutes
 NLEX-SLEX Connector Road; travel time from SLEX to NLEX reduced from 2 hours to
20 minutes
 Metro Manila Skyway Stage 3; travel time from Buendia to Balintawak reduced from 2
hours to 20 minutes
 Alabang-Sucat Skyway Connection and Ramp Extension
 Manila Cavite Toll Expressway Project, C-5 South Link Expressway; travel time from R-
1 to C-5 reduced from 40 minutes to 10 minutes
 Cavite-Laguna Expressway; travel time between CAVITEX and SLEX reduced from 1
hour and 30 minutes to 45 minutes
 SLEX-TR4; travel time from Sto. Tomas Batangas to Lucena City from 2 hours to 1 hour
 Quezon-Bicol Expressway
 Camarines Sure Expressway; travel time reduced from 51 minutes to 11 minutes
11. Pedestrian Infrastructure Development Program
12. Metro Manila Logistics Improvement Program – expected to ease traffic along EDSA and other
roads in Metro Manila
13. Inter-Island Linkage / Mega Bridge Program
 Panguil Bay Bridge; longest bridge in the country
 Sama Island-Davao City Connector Bridge
 Bataan-Cavite Interlink Bridge
 Panay-Guimaras-Negros Link Bridge
 Cebu-Mactan Bridge and Coastal Construction Project
 Panglao-Tagbilaran City Offshore Connector Bridge
14. Airport Development and Improvement Program; 180 completed airport projects
 Mactan Cebu International Airport
 Bicol International Airport
 Bulacan International Airport
 Clark International Airport
 Sangley Airport
15. Philippine Railway Network Program
Prepared by: A.L.F. Carino

 Metro Manila Subway


 MRT-7, Bulacan to Quezon City
 MRT-3 Rehabilitation
 LRT-1 Cavite Extension
 LRT-2 East Extension
 North-South Commuter Railway Project
 PNR Clark Phase 2 (Malolos-Clark)
 PNR Calamba (Solis-Calamba)
 PNR Bicol
 Mindanao Railway Phase I (Tagum-Davao-Digos)
16. Commercial Port Projects

Build Build Build Program can help jumpstart economic recovery. DPWH reassures the Filipino
people that while the pandemic may have disrupted the implementation of projects, with the right
mindset, scientific advice, and whole-of-government approach, they are still committed to
complete their projects within the next 2 and a half years.

-----------------------------------
Relevant Questions from Netizens:

1. May sapat po ba tayong pondo para labanan ang Covid-19 at ano po ang maaasahan ng
bawat Pilipino sa Economic Recovery Plan?

DBM: May sapat na pondo ang ating pamahalaan upang tugunan at labanan ang Covid-19
pandemic at ito nga ay napatunayan noong naipasa ang Bayanihan to Heal as One Act.

2. Given our national debt increasing at an alarming rate, is there a limit to how much we will be
borrowing? And what are our government’s concrete plans in order for us to pay for it?

DOF: Country’s debt is measured against its ability to produce, or GDP. Our debt used to be
70% of GDP and Duterte’s administration brought it down to around 39%. Because our
collections are down and our expenses are up, we have to borrow money and we are planning
to bring up our debt-to-GDP ratio to around 50% from 39%; and that is still very low mainly
because our interest rates are very low. One of the reason is because our credit rating is very
good. The repayment will come from our taxes in the future, contributed by healthier Filipinos
working. The debt is very manageable, we have the capacity to borrow, and we have the
capacity to pay.

3.

---------------------------------
The next fora and virtual pressers will be on July 15 (Participatory Governance, and Human
Development and Poverty Reduction Clusters) and July 22 (Security, Justice and Peace and Cluster,
and Climate Change Adaptation and Mitigation and Disaster Risk Reduction Cluster), leading up to
the anticipated SONA slated on July 27.
Prepared by: A.L.F. Carino

SUBJECT : Highlights of Pre-SONA Forum of the Economic and Infrastructure Cabinet Clusters
DATE : 9 July 2020

President Rodrigo Duterte’s cabinet holds a forum to showcase the achievements of the Duterte
presidency in the lead up to his fifth State of the Nation Address (SONA) this month. Titled “Tatak ng
Pagbabago 2020: The Pre-SONA Forum,” the three-part forum discusses the government’s package
of policies and programs that ensure and promote the Filipino people’s welfare. This year’s Pre-
SONA focuses on how the Administration is working to ensure that the needs of the Filipino citizenry
are met amid the crises caused by the coronavirus disease 2019 (Covid-19) pandemic.

The first part of the Pre-SONA which aired on July 8, 2020 showed Finance Secretary Carlos
Dominguez and Bangko Sentral ng Pilipinas Governor Benjamin Diokno deliver the report of the
Economic Development Cluster, and Public Works and Highways Secretary Mark Villar deliver the
report of the Infrastructure Cluster.

Matters relevant to GSIS:

In his presentation, Finance Secretary Carlos Dominguez reported the following:

1. As budgetary support, GOCCs have remitted a total of P149.6 billion since the start of the year
and as of July 3, 2020.
2. As an immediate relief measure, the GSIS has the following programs for its active members:

Computer Loan  will be available to active members starting August 1


Program  will help members purchase a laptop or desktop in light of the new
normal or holding distance or online classes
 payable in 3 years at 6% interest rate
Educational Loan  for members to pay tuition and other school fees of their nominated
Program student-beneficiaries
 will be available starting September 17
 maximum loan amount for a given academic school year is P100,000,
payable after 5 years from initial loan take out

Highlights of the Reports:

ECONOMIC DEVELOPMENT CLUSTER

Secretary Carlos P. Dominguez


Department of Finance

1. Estimated number of infections prevented due to government interventions, such as


lockdowns, according to the Epidemiological Models of the FASSSTER Project in April and the
UP Covid-19 Pandemic Response Team ranges from 1.3 to 3.5 million.
2. Filipinos are encouraged to do their part as individuals by adhering to the Minimum Health
Standards.
3. The Duterte administration’s prudent approach to fiscal and economic management made us
one of the strongest, most resilient, and most credit-worthy economies in the region. This
allows us to bridge financial gaps with additional borrowing.

Governor Benjamin E. Diokno


Prepared by: A.L.F. Carino

Bangko Sentral ng Pilipinas

1. The Philippines entered the global pandemic with strong macroeconomic fundamentals
compared to its regional peers
2. Amid the COVID-19 crisis, the BSP implemented measures to complement the National
Government’s broader health and fiscal programs. The decision to unwind COVID-19 policy
responses must be done in a gradual, prudent and informed manner.
3. BSP remains committed in implementing necessary policy measures and reforms to help the
Philippine economy recover from the COVID-19 crisis and to build its resilience against future
crises.

INFRASTRUCTURE CLUSTER

Secretary Mark Villar


Department of Public Work and Highways

1. Implementation of the Build Build Build Program is a critical part of the Economic Recovery
Plan of the country.
2. DPWH reassures the Filipino people that while the pandemic may have disrupted the
implementation of projects, with the right mindset, scientific advice, and whole-of-government
approach, they are still committed to complete their projects within the next 2 and a half years.

The next fora and virtual pressers will be on July 15 (Participatory Governance, and Human
Development and Poverty Reduction Clusters) and July 22 (Security, Justice and Peace and Cluster,
and Climate Change Adaptation and Mitigation and Disaster Risk Reduction Cluster), leading up to
the anticipated SONA slated on July 27.
Please see attached document for a detailed report on the Pre-SONA forum.

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