Finance Secretary Benjamin E. Diokno met with World Bank Group President David Malpass to discuss the Philippines’ ongoing loan portfolio and seek support for the Marcos administration’s comprehensive eight-point socioeconomic agenda.

On the sidelines of the 2022 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Washington D.C., Diokno and Malpass held a bilateral meeting, which was also attended by key officials from the International Finance Corporation (IFC).

Diokno thanked Malpass for the World Bank's emergency response facility and timely support to the Philippines’ Covid-19 response and vaccination efforts.

He also called for the bank’s support for key program areas in line with the Marcos administration’s goal of creating more jobs, improving food security, and strengthening climate resilience.

At present, the World Bank Group has a Global Crises Response Package to help countries navigate multiple crises, including food and energy security, learning losses due to school closures during the pandemic, climate change mitigation and adaptation, among others.

The Philippines has a robust loan portfolio from the World Bank.

In 2021, total budget support loan availed and disbursed from the International Bank for Reconstruction and Development was $1.376 billion, or about 12 percent of 2021 actual external financing.

In addiction, there is $1.5781 billion total commitment approved for Fiscal Year 2022.

Meanwhile, Diokno called on multilateral institutions to continue providing technical and financial assistance to emerging and developing nations on a greater scale amid concerns on rising inflation, climate change, and other global challenges.

“During this turbulent time, stronger commitment from our multilateral partners will help us overcome the adverse socioeconomic impacts of these crises and build resilience from future shocks,” Diokno said in his intervention during the 108th Meeting of Ministers and Governors of the G-24.

The G-24, or the Intergovernmental Group of Twenty-four on International Monetary Affairs and Development, coordinates the position of developing countries on monetary and development issues.

Diokno represents the Philippines as the Second Vice-Chair of the G-24 Bureau.

Among the priority discussion areas were high inflation, debt distress, climate change, and the growing need to expand liquidity support and development financing.

Diokno also thanked the IMF and the World Bank Group for their continued financing support to the Philippines.

“We thank the Bank and the Fund’s consistent support to bridge the gaps in the Philippines’ priority policies and initiatives,” Diokno said.

“This support enables us to pursue our socioeconomic agenda of achieving a more resilient, inclusive, and sustainable economy,” he added.