A decade after approving its loan for the Cebu bus rapid transit (BRT) project, the World Bank lamented sluggish implementation and warned it may remain unfinished when the financing ends two years from now. In a Dec. 19 implementation status and results report, the Washington-based...
US President-elect Donald J. Trump's plan to mass deport America's illegal migrants won't dent remittance flows to countries reliant on these cash transfers, according to a World Bank official. This, as the Washington-based multilateral lender expects the Philippines to remain as the world's...
Due to project implementation delays, the Philippines is seeking the extension of two loans obtained by the previous Duterte administration from the Asian Development Bank (ADB) and the World Bank. Documents showed that the Department of Finance (DOF), on behalf of the Philippine government, asked...
The entry of products deemed environment-friendly to the Philippines—a net goods importer—faces challenges due to expensive non-tariff barriers, according to the World Bank. "The Philippines' share of green goods trade is relatively low, partly due to the high incidence of non-tariff...
The Philippine government and the World Bank have kick-started the implementation of a project loan aimed at putting in place a climate-resilient, inclusive as well as secure broadband connectivity in the country. The World Bank disclosed on Dec. 12 that Finance Secretary Ralph G. Recto, on behalf...
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...
