WB pledges more support for PH
The World Bank Group has pledged to support the Marcos administration’s agriculture and human capital development programs and projects to draw in more private investments, according to the Department of Finance.
“Accelerating the expansion of the agriculture sector will help further reduce inflation and grow the economy faster,” Finance Secretary Ralph Recto said during the 2024 World Bank-International Monetary Fund (WB-IMF) Annual Meetings in Washington, D.C.
To fast track the implementation of WBG-funded projects meant to increase the output and income of Filipino farmers and modernize the vital agriculture sector, Recto appealed that the Bank provide grants and technical assistance for project preparation.
As the World Bank is looking at another round of pricing reforms to reduce borrowing costs, Recto called on the multilateral lender to consider granting grace periods for commitment fees and eliminating prepayment penalties.
World Bank Group (WBG) Managing Director of Operations Anna Bjerde assured the government that these key priorities of the Marcos administration would be taken into consideration as the bank finalizes the new country partnership framework for 2025 to 2028.
The World Bank’s International Bank for Reconstruction and Development (IBRD) is the Philippines’ third-largest official development assistance (ODA) partner.
The World Bank’s $8.84 billion in ODA accounts for 18.86 percent of the country’s total ODA as of June.
‘Commitments’
The World Bank also assured the government of continuing support for improving human capital development in the Philippines, especially in education, to help the country benefit from its growing population.
Recto likewise called for more investments in renewable energy to facilitate the country’s green transition.
The finance chief also requested the World Bank’s support in enhancing cybersecurity, a vital component of the DOF’s digitalization program designed to improve revenue collection and public service delivery.
Bjerde also emphasized that the Bank’s recently launched High-Level Advisory Council on Jobs will certainly benefit the Philippines in further improving its jobs market.
This is a new initiative that will identify actionable policies and programs to address challenges in job creation, focusing on youth and female employment opportunities.
