The Philippines will borrow $800 million, or over ₱45 billion, from the World Bank next year for another development policy loan (DPL) that aims to increase clean energy use and enhance water management in the country. In a Sept. 23 project information document (PID), the Washington-based...
Malacañang remains hopeful that the Philippines would be able to attain the upper middle income threshold this year. The country is just $26 away from reaching the upper middle-income country (UMIC) status, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio...
Citing a lackluster performance that the Philippine economy has been showing since its recovery from the Covid-19 pandemic, climbing to the high-income-status target 15 years from now could be impossible, the country’s chief socioeconomic planner stated. Department of Economy, Planning, and...
While the Philippines’ climb to upper-middle-income-country (UMIC) status is attainable in the medium term, the country will be surpassed by neighboring Vietnam, which would jump to become a high-income economy 15 years from now, according to Singapore-based DBS Bank Ltd. The Philippines,...
The defense lawyer of former president Rodrigo Duterte is seeking to cancel the confirmation of charges hearing for his crimes against humanity charges, citing the need for a status conference to be able to raise new information about the case. In a four-page document filed on July 17, lead...
The legal team of former president Rodrigo Duterte has formally requested the International Criminal Court (ICC) to convene an “urgent status conference” ahead of the scheduled summer recess this July 25, citing procedural delays that could impact the upcoming confirmation of charges hearing. ...
The Department of Agriculture (DA) is set to receive a loan financing from the Washington-based multilateral lender World Bank next year for a project aimed at supporting small agri-businesses. A June 26 document published on Thursday, July 3, showed that the DA is seeking an investment project...
President Marcos is optimistic that the country would achieve upper-middle-income status during his presidency, Malacañang said. Palace Press Officer and Communications Undersecretary Claire Castro said the administration will double its efforts in order to attain the status. “[L]agi pong...
President Ferdinand Marcos Jr.’s chief economic manager said that achieving upper-middle-income country (UMIC) status is definitely attainable by the end of 2025 or 2026, citing the still expansionary national budget planned for next year to stimulate the economy. “Surely, we will attain UMIC...
As widely expected, the Philippines remained classified as a lower-middle-income country (LMIC) after narrowly missing the lowered threshold to achieve upper-middle-income country (UMIC) status, based on the World Bank’s latest country income classification. The latest data released by the...
The Philippines is seeking a World Bank loan worth billions of pesos to enhance technical-vocational education and training (TVET) in the country. In a concept document dated June 24, the World Bank said the investment project financing (IPF) for the proposed $250.625-million (over ₱14-billion)...
The World Bank Group (WBG) will extend to the Philippines between $22 billion and $23 billion—or as much as over ₱1.2 trillion—in loan and other financing starting mid-2025 until 2031 to support both public and private initiatives aligned with the country 's climb to upper-middle-income...
