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Manila Bulletin devider Business devider Banking & Finance devider Philippines set to borrow $2.4 billion from World Bank

Philippines set to borrow $2.4 billion from World Bank

Published Mar 12, 2026 06:15 pm  |  Updated Mar 12, 2026 03:13 pm

Up to $2.44 billion, or over ₱145 billion, in loan and grant financing is expected to be approved by the World Bank for the Philippines this month to fund four upcoming government projects supporting resilient economic growth.

The Washington-based multilateral lender is scheduled to green-light the $800-million financing for the Philippines Growth and Jobs Development Policy Loan (DPL) 1 on March 12.

As Manila Bulletin reported earlier, this development policy financing (DPF) “aims to support the government of the Philippines strengthen fiscal management, enhance opportunities for private investment and innovation, and build labor force capabilities.”

The forthcoming loan targets raising tax revenues-to-gross domestic product (GDP), expanding the share of local government units (LGUs) with updated property valuations, generating fiscal savings, deepening capital markets by increasing shares traded and shortening firm registration times, and strengthening human capital through faster enterprise-based education and training (EBET) graduate growth and improved student literacy.

The financing also aims to increase the number of child development workers without formal education who obtain National Certificate III qualifications, especially newly certified women.

The program will be jointly implemented by the Department of Finance (DOF), the Department of Economy, Planning, and Development (DEPDev), the Department of Trade and Industry (DTI), the Department of Budget and Management (DBM), the Department of Education (DepEd), the Department of the Interior and Local Government (DILG), the Bangko Sentral ng Pilipinas (BSP), the Anti-Red Tape Authority (ARTA), the Bureau of Internal Revenue (BIR), the Board of Investments (BOI), the Technical Education and Skills Development Authority (TESDA), the Early Childhood Care and Development (ECCD) Council, the Government Procurement Policy Board (GPPB), the National Innovation Council (NIC), and the Securities and Exchange Commission (SEC).

On March 26, the World Bank’s board would tackle the $18.85-million grant for the Pandemic Fund-Resilient Philippines Project.

The project will be implemented by the Department of Agriculture (DA), the Department of Health (DOH), and the Bureau of Animal Industry (BAI).

This investment project financing (IPF) aims at “[improving] the country’s capacity to detect, report, and respond to existing and emerging pathogens with epidemic potential among humans, animals, and wildlife.”

According to the World Bank, grant financing will be sourced from the Pandemic Prevention, Preparedness, and Response Trust Fund (Pandemic Fund), which was established in 2022.

On March 27, the World Bank would approve two more loans—the $1-billion Philippines Sustainable Agriculture Transformation (PSAT) Program, which is poised to be the largest loan extended by the lender to the Philippines; and the $600-million Project for Learning Upgrade Support and Decentralization (PLUSD).

The upcoming World Bank IPF for PLUSD will cover the bulk of the $661.5-million total project cost, with the Philippine government shouldering the remaining $61.5 million as counterpart funding.

This DepEd project aims to “improve the foundational literacy and numeracy of primary education earners, as well as the learning outcomes in reading and mathematics of lower secondary education learners in public schools nationwide.”

Meanwhile, PSAT will be the country’s first loan under the World Bank’s program-for-results (PforR) financing framework, providing budgetary support for major infrastructure projects aimed at boosting the agriculture sector. It will be implemented by the DA.

Also on March 27, the World Bank would green-light the $24.5-million Technical Assistance for Sustainable Agriculture Transformation in the Philippines (TASAT) Project, which will complement PSAT.

Also to be implemented by the DA, the TASAT grant aims to improve the efficiency of fertilizer subsidies, increase crop diversification, and strengthen institutional delivery capacity in the Philippines.

Manila Bulletin reported earlier that the Philippines plans to borrow a total of $7.85 billion from the World Bank from mid-2025 to mid-2027 under their latest six-year Country Partnership Framework (CPF), which supports the country’s climb to upper-middle-income country (UMIC) status.

The World Bank Group (WBG) has programmed to extend up to $23 billion in loans and other financing for the Philippines from mid-2025 to mid-2031, covering the lender’s fiscal years (FYs) 2026 to 2031.

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