World Bank ready to boost support for Philippines development goals

MANILA, Philippines — The World Bank is ready to provide greater support for the Philippines to help the country achieve development goals, the bank’s top official said.

“During my meeting with (Finance) Secretary Benjamin Diokno of the Philippines, I affirmed World Bank Group’s readiness to increase support for his nation’s development goals,” World Bank Group president David Malpass said in a tweet yesterday.

The multilateral lender said it is prepared to increase support particularly in the areas of agriculture, tourism, water, energy and education.

During the meeting, Malpass and Diokno exchanged views on the country’s growth and vulnerabilities, as well as the upcoming World Bank Country Climate and Development Report for the Philippines.

The report, which will cover climate change and development considerations, is expected to help prioritize actions, reduce greenhouse gas emissions and boost adaptation, while delivering on broader development goals.

Malpass also cited the importance of the continuation of tax reform efforts and work to broaden the tax base in the Philippines.

He expressed the World Bank’s readiness to support further work on domestic revenue mobilization, including the digitalization of the tax system to increase compliance.

Malpass also affirmed the multilateral lender’s strong commitment to its partnership with the country.

The World Bank has been providing support to the Philippines’ development programs and projects for over 70 years.

Under its Country Partnership Framework for the Philippines for 2019 to 2023, investments are being prioritized in human capital programs covering health, education and nutrition; competitiveness and job creation; peace-building; climate and disaster resilience; governance, and digital transformation.

The World Bank has also provided support to the country to manage the impact of the coronavirus pandemic.

As of March 2022, the World Bank’s active portfolio in the country consists of 19 operations with net commitments of $7.59 billion.