Empowering local governments to deliver essential services is crucial for the Philippines to boost human capital and achieve its goal of becoming a middle-class society by 2040, according to a new report by the World Bank. Based the latest Philippines Economic Update (PEU), World Bank emphasized...
The Philippines' move allowing greater foreign participation in public services is seen by the World Bank as a productivity enhancement, especially in the electrical machinery, telecommunication and transport sectors. Referring to the amendment to the antiquated Public Service Act (PSA) that was...
Following a series of destructive calamities that have battered the Philippines and impacted its economy, the World Bank has reduced its 2024 gross domestic product (GDP) growth forecast for the country to 5.9 percent. “While the baseline growth forecast for 2024 was revised downward to 5.9...
Next year, the World Bank will extend to the Philippines its largest-ever loan aimed at promoting climate-resilient agri-food systems, especially of the Filipino staple food rice. Now with a total of eight pending loans up for approval by the Washington-based multilateral lender, the Philippines'...
World Bank economists watching the Philippines are closely monitoring the unfolding political drama involving two successive administrations and how it would impact on the economic reform agenda. So far, "while the political tension in the country has recently increased, no major influence on the...
The Philippines now has the means to fight lingering Covid-19 risks as well as future pandemics, as World Bank loans extended during the pandemic have been implemented satisfactorily. "The project has continued moving towards its development objectives—to strengthen the Philippines' capacity...
The Philippine government has made inroads towards greater digital transformation, as required by the newest loan it secured from the World Bank. The Washington-based multilateral lender disclosed on Nov. 26 that Finance Secretary Ralph G. Recto, on behalf of the government, signed the loan...
The Philippines and the World Bank have agreed on the terms of the 466.07-million euro (equivalent to $500 million or over P29 billion) loan to ensure the safety and resiliency of schools in the country from natural disasters. Official documents disclosed on Nov. 19 showed that Finance Secretary...
As requested by the Philippines, the World Bank has extended by two more years its soon-to-lapse loan for a big-ticket infrastructure project aimed at mitigating flooding in Metro Manila, which had been plagued by delays and underspending due to government inefficiency. Official documents showed...
The World Bank has approved a $750 million loan to support the Philippines' digital transformation, aiming to boost economic growth and improve access to essential services. In a statement, the Washington-based multilateral institution, said the Second Digital Transformation Development Policy...
Beneficiaries of the poverty-alleviating Pantawid Pamilyang Pilipino Program (4Ps) can expect to continue receiving their conditional cash grants as the World Bank has extended the validity of the Philippine government's $600-million (over P35-billion) loan for the country's flagship safety net....
The Philippines' National Greening Program (NGP) is mitigating climate risks and reducing the country's poverty rate, according to the World Bank. In a Nov. 11 blog post, the multilateral lender cited the dual goals successfully achieved by the NGP, a collaborative initiative co-implemented by the...
