The World Bank-funded modernization project of the Bureau of Customs will align the agency’s processes and standards with the world’s best and most efficient customs services, the Department of Finance (DOF) said. In a statement, Finance Secretary Carlos G. Dominguez III said on Friday,...
Moody’s Analytics says International economists have sounded the alarm over the Philippines’ economic situation as the World Bank said the nation is suffering a triple whammy blow from the COVID-19 pandemic, while Moody’s Analytics describes the unfolding events in the country as...
Two Philippine cities — Quezon City and San Fernando City — have been cited for their waste recycling collaboration with informal waste pickers that helped stymied poverty as recycling creates jobs in their localities and supports the recovery amid the economic difficulties during the pandemic,...
Developing countries in East Asia, including the Philippines, need to support innovation to promote productivity growth and economic progress, a new World Bank report revealed. While developing countries in East Asia have an impressive record of sustained growth and poverty reduction, World Bank...
WASHINGTON (AFP) - The World Bank on Tuesday downgraded its outlook for the global economy, and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed. The coronavirus pandemic also has worsened the risks surrounding the rising debt load in...
Debt service burden down 8% The Philippines will continue to have a strong debt sustainability position and will remain comfortably way below what the Bangko Sentral ng Pilipinas (BSP) considers a danger threshold even as the country borrow more from foreign sources to fund COVID-19 vaccine...
The World Bank has approved two loans to the Philippines to support the country's recovery efforts from the coronavirus pandemic, improve competitiveness, as well as build resilience against shocks and natural disasters. In a statement, the Washington-based lender, said it approved $900 million...
Climate-related challenges remain formidable threats to the Philippines’ gradual recovery from the prolonged coronavirus pandemic, the Department of Finance (DOF) said. Speaking at a virtual World Bank forum, Finance Secretary Carlos G. Dominguez III acknowledged the urgency of implementing...
The World Bank expects the Philippine economy to slip deeper than initially estimated, but the level of contraction will be less severe than the Duterte administration’s projection. A motorcyclist travels along a deserted road in Bonifacio Global City, Metro Manila, the Philippines. (Geric...
Latest WB report on PH As many as 2.7 million Filipinos will slip into poverty this year due to the economic disruptions brought about by the coronavirus pandemic, the World Bank said. In a report, “Philippines Economic Update,” the Washington-based institution estimated that poverty rate...
The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance...
The World Bank has approved a loan to the Philippines to improve its customs administration, reduce transaction costs as well as enhance predictability and transparency of the clearance process at the country’s borders. In a statement, the Washington-based financial institution said it...
