The MDGs focus on the development challenges that confront countries of the world. When the 189 representatives at the UN General Assembly came up with the Millennium Declaration, they gave their commitment to meet the MDG targets and meeting these targets would require the participation of all members of the society. The MDGs place the responsibility both on the developed and developing nations, on the private as well as the public sectors, giving them a specific timeframe in which to meet these targets.
Thus, aside from the UN and its various agencies, the Asian Development Bank (ADB) and other international financial institutions, governments of various countries, NGOs, private sector and civil society pledged and are bound to work together to meet the MDGs by 2015.
Each country are expected to allocate resources and funds for the attainment of the MDG targets from their national budget. International financial institutions, international donor organizations and other NGOs, as well as private companies also provide funds in their respective programs. For critical MDGs like poverty reduction, health, education and water alone the Philippines has an estimated financing gap of between US$12.2 billion to US$15.7 billion. The Philippine government is exploring options to bridge this gap including the proposed Debt-for-MDG conversion scheme that involves ‘swapping’ foreign debt or equity investments for MDG programmes and projects.