World Bank vows support for Philippines' development  

MANILA, Philippines —  The Philippine economy is recovering from the COVID-19 pandemic, the World Bank said, as it expressed support for the Marcos administration’s efforts to promote sustainable growth. World Bank managing director for operations Anna Bjerde reiterated the lender’s “strong support” for the government’s vision of becoming a “prosperous, inclusive and poverty-free society” by 2040 during a courtesy visit to Cabinet members at Malacañang last Tuesday, according to a statement from the Presidential Communications Office (PCO).

“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, who visited the Philippines for two days beginning May 23, was quoted by the PCO as saying.

“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,” she added.

Bjerde said the World Bank is committed to supporting the Philippines’ development agenda including climate change, renewable energy transition, food and agriculture, water and sanitation, innovation and digitalization.

With the Philippines among those most affected by climate change, she said protecting the poor and vulnerable from disasters will remain part of the World Bank’s priorities in the country.

She said climate shocks in the form of extreme weather events like strong typhoons or slow-onset trends like temperature rise, biodiversity loss, land and forest degradation, and ocean acidification will hinder economic activity, damage infrastructure and hurt the poor and vulnerable the most.

“We welcome opportunities to support the country’s climate adaptation and mitigation programs to help address these challenges,” she said.

The Washington-based multilateral lender also agreed to support the government’s priority areas in the Philippine Development Plan 2023-2028.

The blueprint seeks to “bring back the country to a high-growth trajectory” and to “enable economic and social transformation for a prosperous, inclusive and resilient society.”

It is anchored in AmBisyon Natin 2040, which aims to make the Philippines a prosperous, high-trust and middle class society, where the poor are lifted from poverty and people are healthy and educated.

According to the PCO, the World Bank cited the Philippines’ “excellent” progress in the implementation of its ongoing projects.

“It 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 PCO said.

Also discussed during the meeting were the Teacher Effectiveness and Competencies Enhancement Project, which was designed to enhance the quality of and access to teaching in Kindergarten to Grade 6 in the Bangsamoro Autonomous Region in Muslim Mindanao, Zamboanga Peninsula and Soccsksargen; and the Philippine Rural Development Project Scale-Up, which aims to improve farmers’ and fisherfolks’

access to markets and increase income from selected agriculture and fisheries value chains.

According to the PCO, the World Bank - International Bank for Reconstruction and Development is the Philippines’ third largest official development assistance partner, with active loans and grants amounting to about $6.8 billion. The amount constitutes 21.2 percent of the country’s total ODA.

Present during the meeting were World Bank Regional vice president for East Asia and Pacific Manuela Ferro, World Bank Country Director for the Philippines Ndiamé Diop, Finance Secretary Benjamin Diokno, Socioeconomic Planning Secretary Arsenio Balisacan, Energy Secretary Raphael Lotilla, Public Works Secretary Manuel Bonoan, Budget Secretary Amenah Pangandaman and PCO Secretary Cheloy Garafil. – Delon Porcalla