World Bank supports dev’t of key sectors in Phl
Washington-based World Bank has committed to support the Philippines’ initiatives on key sectors such as energy, agriculture and digitalization to boost economic growth.
On the sidelines of the World Bank-International Monetary Fund Spring Meetings in Washington, Finance Secretary Ralph Recto met with officials of the World Bank to discuss key areas for development.
For one, the World Bank expressed support in assisting the Department of Finance in digitalization to improve the Philippines’ tax collection efficiency as more Filipino consumers shift to e-commerce.
Currently, the World Bank is providing digital solutions to a variety of development programs especially to those connected to fiscal areas.
The largest development bank is looking to expand these digital service solutions to other areas such as education and health.
The Philippines also sought technical assistance to support the digitalization of government agencies, particularly the Department of Information and Communications Technology.
Another area discussed was the rollout of flagship infrastructure projects including physical connectivity, roads and bridges, as well as the modernization of airports and seaports.
Further, the World Bank vowed to assist in providing wider access to a reliable power supply in the country, especially in remote areas, as well as to harness renewable energy resources to accelerate transition to clean energy.
The bank will likewise aid the Philippines in increasing its investments in human capital by supporting early childhood and nutritional programs as well as the upskilling and re-skilling of workers to boost the labor force.
The World Bank also offered support for the Philippines’ agriculture sector to improve productivity and profitability to address food security while reducing emissions through technological practices.
All areas tackled are expected to be aligned and reflected in the new country partnership framework that the World Bank is crafting for the Philippines.
As of last year, the World Bank’s International Bank for Reconstruction and Development is the Philippines’ third largest official development assistance partner with a total ODA of $8.2 billion.