The hurdle to climb to upper-middle income status under the World Bank's classification became even harder, such that the Philippines remained the only Association of Southeast Asian Nations (ASEAN) founding member languishing as lower-middle income. The latest data released by the Washington-based...
The World Bank has appointed a new country director for the Philippines, Malaysia, and Brunei Darussalam, effective July 1. Zafer Mustafaoglu, a Turkish national, will oversee the World Bank's program in these countries to advance its policy dialogues with government officials, civil society,...
As the Philippines enjoys among the lowest remittance fees, this year's growth of money sent back home by Filipinos working and living overseas will rebound to outpace last year's slowdown, according to the World Bank. In its Migration and Development Brief 40 titled "Remittances Slowed in 2023,...
The Philippines is facing a challenge in enabling its children to reach their full potential productivity by the age of 18, which places the country's human capital development behind that of its regional counterparts. According to the World Bank's "The Philippines Human Capital Review," the...
To address challenges in quality learning in the country, the Second Congressional Commission on Education (EDCOM 2) underscored the need for a coordinated approach to all interventions in teacher education. JOJO RINOZA / FILE PHOTO / MANILA BULLETIN In a statement issued on Thursday, June 6, EDCOM...
Officials of the Department of Transportation (DOTr) met with representatives of the World Bank’s International Finance Corporation (IFC) and discussed the progress of the ongoing partnership projects that include efficient mass transport and reliable maritime connectivity. DOTr Secretary Jaime...
The Department of Finance (DOF) has secured a standby fund from the World Bank that the Philippines can readily utilize during emergency or crisis situations. In a statement on Monday, April 22, the DOF announced that the signing of the Rapid Response Option (RRO) agreement with the World Bank...
The Department of Finance (DOF) said that the World Bank Group (WBG) will assemble a team to assist the Philippines in enhancing its digital infrastructure, specifically its tax system. In a statement on Saturday, April 20, the DOF said that WBG President Ajay Banga expressed support for the...
The Philippines has received backing from the World Bank Group (WBG) for the government's digitalization initiative aimed at improving tax administration and other critical sectors, a Cabinet official said. Finance Secretary Ralph G. Recto said that the WBG has shown strong support for...
BANGKOK — Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023, the World Bank said in a report released Monday. Debt, trade barriers and policy uncertainties are dulling the region's economic dynamism and...
AyalaLand Hotels and Resorts Corp (AHRC) has signed an agreement with the International Finance Corporation (IFC) signifying its commitment to achieve EDGE Zero Carbon certification for 2,826 rooms in its hotel portfolio by 2026, a first for a hotel group in the Philippines. EDGE Zero Carbon...
The Department of Finance (DOF) said that the World Bank has committed to develop financial instruments tailored to address the Philippines' vulnerabilities to natural calamities. According to the DOF, these instruments will be designed to strengthen the country's emergency response capabilities,...
