The Department of Finance (DOF) said that the World Bank has committed to develop financial instruments tailored to address the Philippines' vulnerabilities to natural calamities.
According to the DOF, these instruments will be designed to strengthen the country's emergency response capabilities, ensuring expedited access to funding during crises.
"The World Bank committed to introducing innovative financial instruments tailored to the needs of the Philippines. These include instruments specifically designed to sharpen the country’s crisis toolkit to ensure swift access to funding during times of emergency," the DOF said.
The WB-International Bank for Reconstruction and Development (IBRD) ranks as the Philippines' third-largest official development assistance (ODA) partner.
The country currently benefits from active loans and grants totaling around $6.8 billion, comprising 21.2 percent of its total ODA.
Finance Secretary Ralph G. Recto and World Bank Group (WBG) Managing Director and Chief Financial Officer Anshula Kant recently met to discuss enhancing the bank's lending terms for the Philippines and identifying opportunities for collaboration.
During the meeting, Recto emphasized the Philippines' strong interest in fostering a more flexible and responsive World Bank that can effectively tackle current global challenges.
“Both sides reiterated their strong commitment to advancing the Philippine Government’s socioeconomic agenda through strengthened partnership,” the DOF said.
Given its position along the typhoon belt, the Philippines experiences an average of 20 tropical cyclones each year, subjecting the country to frequent severe weather events.