World Bank pledges more support for PH
MANILA, Philippines — The World Bank has pledged continued support for the Philippines’ development efforts through its managing director for operations, Anna Bjerde, who ended a two-day visit to the country on Wednesday.
The multilateral lender said in a statement that in a meeting with key Cabinet officials, Bjerde conveyed the World Bank’s continued commitment to supporting the country’s development agenda including climate change, renewable energy transition, food and agriculture, water and sanitation, innovation, and digitalization.
She met with Finance Secretary Benjamin Diokno, Secretary Arsenio Balisacan of the National Economic and Development Authority, Energy Secretary Raphael Lotilla, Public Works Secretary Manuel Bonoan, Budget Secretary Amenah Pangandaman, and Secretary Cheloy Velicaria-Garafil of the Presidential Communications Office.
“The postpandemic recovery is underway in the Philippines, with strong domestic demand weathering global headwinds,” Bjerde said.
“Since 2022, its economy has been growing rapidly, aided by a substantial reduction in COVID-19 cases that facilitated a full economic reopening,” she added. “The World Bank is committed to supporting the Philippines achieve long-term inclusive and sustainable growth, attain upper middle-income country status, and eventually become a predominantly middle-class society by 2040.”
According to the Department of Finance, the World Bank noted the opportunities for the Philippines to further boost investments and long term growth given its young and skilled labor force and sound macroeconomic policies.
Notable programs discussed include the proposed Teacher Effectiveness and Competencies Enhancement Project and Philippine Rural Development Project Scale-Up. INQ