World Bank offers to help RP ensure good governance

A senior official of the World Bank (WB) said yesterday President Arroyo was on the right track in addressing economic problems, and offered help in combating corruption.

"We are very encouraged. I think the President is focusing on all things which from the private sector point of view, are very important to the market," said Peter Woicke, WB managing director and executive vice president of the International Finance Corp.

Woicke called on Mrs. Arroyo at Malacañang yesterday. He was accompanied by Vinay Bhargava, WB country director in the Philippines.

Finance Secretary Alberto Romulo and Trade and Industry Secretary Mar Roxas II also joined the discussions with Woicke.

Emerging from the meeting, Woicke told reporters that he assured Mrs. Arroyo of WB’s continuing support and commitment to the development of the Philippines.

"We really would like to help the Philippine go-vernment on these issues. I offer not only money, which the Bank has, but also expertise in these areas," Woicke said.

He said he discussed with Mrs. Arroyo "a whole range of areas where the World Bank can be of help to the (Philippine) government."

"We talked about the budget deficit and the government’s plans to turn this into a surplus by 2004," he said.

Among the topics discussed was the possibility of putting up a "viable housing bank" and further improvements in the Philippine capital market.

Woicke said at present, there was no formal request from Manila for the grant of new loans. "But we stand ready on this," he added. - Marichu Villanueva