WB to support Philippine digitalization, RE push

THE World Bank (WB) will provide support to Philippine priority programs like digitalization, renewable energy (RE), and agriculture, according to the Department of Finance (DoF).

In a statement, the DoF said it obtained support from the bank to help digitalize government processes and enhance tax administration and collection.

“The bank expressed strong support for assisting the DoF on this front, emphasizing that it has currently created a new team in the institution dedicated to providing digital solutions to a variety of development programs, especially to those connected to fiscal areas,” it said.

“The World Bank Group is looking to expand these digital service solutions to other areas such as education and health,” it added.

The DoF is also seeking technical assistance to support the digitalization efforts of government agencies.

Meanwhile, the World Bank also said it will provide support for broadening the Philippines’ access to power, especially in remote areas, and push for the development of more renewable energy.

The DoF said that the World Bank will also provide assistance in “improving productivity and profitability to address food security while reducing emissions through technological practices.”

“Moreover, the bank will help the country increase its investments in human capital by supporting early childhood and nutritional programs as well as the upskilling and reskilling of the workers to boost its labor force,” it added.

As of December 2023, the bank was the Philippines’ third-largest source of official development assistance with $8.2 billion. —