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World Bank joins DOF in digitization efforts

Business

World Bank joins DOF in digitization efforts

Washington forms team to assist Philippines

By Chino S. Leyco

The Department of Finance (DOF) said that the World Bank Group (WBG) will assemble a team to assist the Philippines in enhancing its digital infrastructure, specifically its tax system.

In a statement on Saturday, April 20, the DOF said that WBG President Ajay Banga expressed support for the government’s digitalization initiatives to increase revenue and reduce leakages.

“The President broached a proposal to form a dedicated World Bank team to work with the government in planning and prioritizing digitalization strategies focusing on increasing revenues and long-term benefits,” the DOF said.

Banga also added the importance of developing a strong digital infrastructure for the future, such as a digital identity system, a real-time payment structure, and a dependable document storage system.

The World Bank chief said these measures would encourage citizen participation and improve the efficiency of public services provided by the government.

Meanwhile, Banga also committed to support President Marcos’ infrastructure program and promote entrepreneurial opportunities for young Filipinos.

He also offered support for the agriculture sector to address food security while reducing emissions through technological practices.

These priorities will be reflected in the upcoming Country Partnership Framework developed by the World Bank for the Philippines, according to the DOF.

Banga likewise assured Finance Secretary Ralph G. Recto of the WBG’s continued support as the country advances towards becoming an upper-middle-income economy soon.

As of December 2023, the International Bank for Reconstruction and Development (IBRD) of the World Bank is the Philippines’ third largest official development assistance (ODA) partner, amounting to $8.20 billion.

Related Tags

Department of Finance (DOF) ralph recto World Bank Group Finance Secretary

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