World Bank to provide $23B for Philippines' development until 2031

The World Bank Group (WBG) will provide up to $23 billion (P1.32 trillion) to support the Philippines' government programs from 2025 to 2031. President Ferdinand Marcos Jr. received the WBG's Country Partnership Framework (CPF) for this period at a ceremony in Malacañang Palace. The financing will cover various sectors including healthcare, education, job creation, disaster preparedness, and digital transformation.

The CPF aims to improve healthcare and education, create more jobs, enhance climate resilience, and promote digital transformation. It will support initiatives such as universal healthcare, curriculum reform, policy reforms for job creation, and climate-smart infrastructure development. The partnership also focuses on making government services more efficient and accessible through digital transformation.

The WBG's support aligns with the Philippine Development Plan 2023-2028 and the country's long-term vision under AmBisyon Natin 2040. The CPF is a joint strategy involving the IBRD, IFC, and MIGA, aiming to reduce poverty, promote inclusion, and enhance the country's capacity to withstand future challenges.

President Marcos expressed gratitude to WBG for its long-standing partnership and technical expertise in addressing the country's critical needs. The WBG's financial assistance and advisory services will play a crucial role in implementing the CPF and supporting the Philippines' development goals.

According to the source: Inquirer.net.