The World Bank Group (WBG) has pledged to support the Marcos administration’s agriculture and human capital development programs and projects to draw in more private investments, according to the Department of Finance (DOF).
“Accelerating the expansion of the agriculture sector will help further reduce inflation and grow the economy faster,” Finance Secretary Ralph Recto said during the 2024 World Bank-International Monetary Fund annual meetings in Washington, D.C.
READ: PH secures World Bank commitment to improve agri sector
To fast-track the implementation of WBG-funded projects meant to increase the output and income of Filipino farmers and modernize the vital agriculture sector, Recto asked the World Bank (WB) for more grants and technical assistance for project preparation.
As the WB is looking at another round of pricing reforms to reduce borrowing costs, Recto called on the multilateral lender to consider granting grace periods for commitment fees and eliminating prepayment penalties.
New partnership
WBG managing director of operations Anna Bjerde assured the government that these key priorities of the Marcos administration would be taken into consideration as the bank finalizes the new country partnership framework for 2025 to 2028.
The WB’s International Bank for Reconstruction and Development is the Philippines’ third-largest official development assistance (ODA) partner.
The WB’s $8.84 billion in ODA accounts for 18.86 percent of the country’s total ODA as of June.
READ: World Bank aims to double agribusiness commitment by 2030
The WB also assured the government of continuing support for improving human capital development in the Philippines, especially in education, to help the country benefit from its growing population.
Recto likewise called for more investments in renewable energy to facilitate the country’s green transition.
The finance chief also requested the WB’s support in enhancing cybersecurity, a vital component of the DOF’s digitalization program designed to improve revenue collection and public service delivery.
Bjerde also emphasized that the WBG’s recently launched High-Level Advisory Council on Jobs will help the Philippines further improve its jobs market.
This is a new initiative that will identify actionable policies and programs to address challenges in job creation, focusing on youth and female employment opportunities.