The World Bank has approved a six-month extension of its $300-million loan for a delayed project aimed at strengthening Metro Manila’s preparedness for “The Big One” earthquake, after the Philippine government sought more time to implement key activities that have yet to begin. In a...
The World Bank has urged Philippine implementing agencies to focus on completing the long-delayed Metro Manila Flood Management Project amid signs of progress and with less than six months remaining before its financing expires. In a June 7 implementation status and results report, the...
Despite widespread public concern about climate change, financing and institutional constraints continue to hamper the Philippines’ efforts to strengthen climate resilience and adaptation measures, according to state-run policy think tank Philippine Institute for Development Studies (PIDS). In...
The China-backed Asian Infrastructure Investment Bank (AIIB) is expected to provide a $200-million loan to co-finance with the World Bank a forthcoming $1-billion policy-based financing package that will support the Philippines’ energy transition, electricity market reforms, and water-sector...
A stronger and more resilient middle class is critical to sustainably reducing poverty and achieving inclusive economic growth in the Philippines, according to the Department of Economy, Planning, and Development (DEPDev). Speaking at the launch of the World Bank’s Poverty and Equity Assessment...
Quezon City Mayor Joy Belmonte emphasized the crucial role of local government units (LGUs) in strengthening the Filipino middle class and advancing poverty reduction during a World Bank forum on Friday, June 5. She made the statement at the launch of the World Bank report and forum titled...
The Philippines and the World Bank have signed an $18.85-million grant agreement to strengthen the country’s defenses against future pandemics, while the Washington-based multilateral lender also commended the satisfactory implementation of an ongoing agriculture modernization project. Documents...
The Philippines is set to secure another $1-billion loan from the World Bank in June, this time for an energy project follow-through and coupled with a $20-million grant, making the package the largest single financing commitment extended to the country by the Washington-based multilateral lender....
International Finance Corp. (IFC) is collaborating with Thailand-based renewable energy (RE) developer Sermsang Power Corp. Public Co. Ltd. as the latter pursues its planned entry into the Philippines through a proposed RE generation project on Negros Island. In a disclosure over the weekend, the...
Four global institutions have warned that the prolonged war in the Middle East is posing increasing risks to global energy security, food supplies, and economic growth as oil inventories continue to decline at a record pace. In a joint statement last Friday, May 29, the International Energy...
The Philippines will repay its new $600-million World Bank loan for education reform until 2055, while also securing a separate $24.5-million grant to support sustainable agriculture transformation, newly signed agreements between the government and the Washington-based multilateral lender showed....
The Philippines’ debt as a share of economic output is expected to remain elevated above 60 percent of gross domestic product (GDP) this year as the government ramps up borrowings to support its response to the national energy emergency amid the prolonged war in the Middle East. Based on the...
