WASHINGTON-BASED World Bank said it will continue to support the Philippines in terms of its economic development, particularly in achieving the country’s goal of attaining upper middle-income country status.
In a statement, the World Bank said the recent visit of its Managing Director for Operations Anna Bjerde ended in a reaffirmation of the multilateral lender’s support to the economic development of the Philippines.
Bjerde met with various government officials that included Finance Secretary Benjamin E. Diokno, Socioeconomic Planning Secretary Arsenio M. Balisacan, Energy Secretary Raphael Lotilla, Public Works and Highways Secretary Manuel M. Bonoan, Budget and Management Secretary Amenah F. Pangandaman, among others. “The post-pandemic recovery is underway in the Philippines, with strong domestic demand weathering global headwinds. Since 2022, its economy has been growing rapidly, aided by a substantial reduction in Covid-19 cases that facilitated a full economic reopening,” Bjerde said in a recent statement.
“The World Bank is committed to supporting the Philippines achieve long-term inclusive and sustainable growth, attain upper middle-income country status, and eventually become a predominantly middle-class society by 2040,” Bjerde added.
Bjerde said social protection for the poor and most vulnerable from disasters amid the climate crisis will continue to be among the World Bank’s priorities in the Philippines.
Bjerde noted that climate shocks, such as extreme weather events, temperature rise, ocean acidification, will “hamper economic activities, damage infrastructure, hurt the poor and vulnerable most.”
“We welcome opportunities to support the country’s climate adaptation and mitigation programs to help address these challenges,” she said.
The World Bank said it has been a partner of the Philippines for over 75 years, providing support to the country’s development programs and projects.
In a separate statement, the Department of Finance (DOF) said the World Bank agreed to support the government’s priority areas through engagements in smart agriculture and food security, transition to renewable energy (RE), disaster risk management, strengthening the education system, and water sanitation.
“The WB noted the opportunities for the Philippines to further boost investments and long term growth given its young and skilled labor force and sound macroeconomic policies,” the DOF said in a statement on Wednesday.
The DOF disclosed that some of the programs discussed during the meeting were the Teacher Effectiveness and Competencies Enhancement Project (TEACEP) and Philippine Rural Development Project (PRDP) Scale-Up.
The proposed TEACEP aims to improve the quality of and access to teaching in Kindergarten to Grade 6 in the regions of Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Region lX (Zamboanga Peninsula), and Region Xll (SOCCSKSARGEN).
On the other hand, the PRDP Scale-Up will build on previous PRDP to further improve farmers’ and fisherfolks’ access to markets and increase income from selected agriculture and fisheries (value chains.
The DOF said World Bank-International Bank for Reconstruction and Development (IBRD) is the Philippines’ third largest official development assistance (ODA) partner, with active loans and grants amounting to around $6.8 billion, which is 21.2 percent of the country’s total ODA.
Image credits: Nonie Reyes