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Manila Bulletin devider Philippines devider National devider World Bank renews strong support for PH dev't plan

World Bank renews strong support for PH dev't plan

Published May 24, 2023 09:58 am
The World Bank (WB) has reiterated its strong support for the Marcos administration in its quest to achieve its vision of becoming a prosperous, inclusive, and poverty-free society by 2040. *File photo*

World Bank Managing Director for Operations Anna Bjerde said this as she concluded her two-day visit to the Philippines on Tuesday, May 23. In a statement on Wednesday, May 24, Communications Secretary Cheloy Garafil said Bjerde paid a courtesy call on Cabinet members in Malacañang to align the Bank's priorities with the Philippines' development agenda. Bjerde conveyed the WB's continued commitment to supporting the country's development agenda, including climate change, renewable energy transition, food and agriculture, water and sanitation, innovation, and digitalization. "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 said during the meeting. "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. WB noted the Philippines' excellent progress in the implementation of its ongoing projects and expressed its desire to support the Marcos administration's economic agenda. In line with the Philippine Development Plan (PDP) 2023-2028 for deep economic and social transformation, the WB agreed to support the government's priority agenda through engagements in various areas. 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. Garafil said the notable programs discussed during the meeting were the Teacher Effectiveness and Competencies Enhancement Project (TEACEP) and Philippine Rural Development Project (PRDP) Scale-Up. The proposed TEACEP aims to improve the quality of and access to teaching in Kindergarten to Grade 6 in the regions of Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Zamboanga Peninsula, and Soccsksargen (South Cotabato-Cotabato-Sultan Kudarat-Sarangani-General Santos City). On the other hand, the PRDP Scale-Up will build on previous PRDP to further improve farmers' and fisherfolks' access to markets and increase income from selected agriculture and fisheries (A&F) value chains. The WB-International Bank for Reconstruction and Development (IBRD) is the Philippines' third-largest official development assistance (ODA) partner, with active loans and grants amounting to around $6.8 billion, which is 21.2 percent of the country's total ODA. Prior to the courtesy visit, Finance Secretary Benjamin Diokno met with Bjerde to discuss the continuing partnership in pushing for transformative projects on agriculture, food security, health, education, RE, and climate finance.

Related Tags

Philippine Development Plan (PDP) Cheloy Garafil World Bank Group World Bank Presidential Communications Office
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