The World Bank is set to approve a “redesigned” set of projects aimed at helping the Philippine economy recovery from the coronavirus-induced crisis.

In a statement, the Department of Finance (DOF) said it expects around $1.9 billion-worth of “redesigned” World Bank-funded projects to be approved within this year to support the government’s plan to bounce back from the economic crisis.

Based on the DOF statement, World Bank Country Director Ndiamé Diop also assured Finance Secretary Carlos G. Dominguez III of the lender’s continuing support for the Philippines’ “Build, Build, Build” program. 

Diop also congratulated Dominguez on the government’s “decisive and sound tax reforms,” the DOF quoted the World Bank official as saying.

According to the DOF, Diop told Dominguez that the Philippines “has comparatively positioned well to face the current pandemic.” 

In a letter to Dominguez, Diop said he looks forward to continuously working closely with the finance chief “to support and accompany the government’s programs and reforms,” especially as Dominguez “charts out a solid recovery from the pandemic.” 

The World Bank’s pipeline of projects that it has redesigned include programs on improving social protection initiatives for poor and vulnerable households, and supporting the government’s capabilities to deliver basic education through distance learning. 

Diop said the pipeline also covers policy loans and projects that aim to sharpen the country’s competitiveness; bridge gaps in the food supply chains; and provide jobs and livelihood opportunities to communities badly hit by the pandemic’s economic fallout. 

 “Further, we are committed to support the Philippines’ infrastructure expansion program, which is indeed critical for a solid recovery,” Diop said in his letter. 

Diop also underscored the need to accelerate and streamline the processes required to get the pipeline of projects moving

in their various approval stages, “given the emergency situation we are in.” 

The World Bank has disbursed as of April a total of $1.2 billion in concessional financing to the Philippines to support the government’s efforts to contain COVID-19 spread and provide emergency relief to families most affected by this unprecedented crisis.

It has disbursed to the Philippines $200 million as additional financing for the Second Social Welfare and Development Project, another$500 million for the Third Disaster Risk Management Development Policy Loan, and $500 million more for the Emergency COVID-19 Response Development Policy Loan.