Philippines Explores Sustainable Development with World Bank

Top officials from the Philippines and the World Bank (WB) recently engaged in critical discussions, emphasizing the country's ongoing and forthcoming sustainable development projects. The deliberations were held during Finance Secretary Benjamin Diokno's attendance at the 2023 Annual Meetings of the World Bank and International Monetary Fund in Marrakech, Morocco, from October 9 to 15.

During the meeting, Secretary Diokno conferred with key WB figures, including Regional Vice President for East Asia and Pacific Manuela Ferro, WB Country Director for the Philippines Ndiame Diop, and WB Vice President for the Multilateral Investment Guarantee Agency Junaid Kamal Ahmad. The discussions revolved around the Philippines' economic growth prospects and avenues for the WB's support, particularly in the realms of digitalization, water and sanitation, health, education, rural development, energy transmission, and public-private partnerships.

As the third-largest official development assistance (ODA) partner of the Philippines, the World Bank has committed significant loan and grant support amounting to USD 5.701 billion.

Additionally, the Philippine delegation engaged with Anna Bjerde, the World Bank Group (WBG) Managing Director for Operations, who expressed a keen interest in expediting the approval and execution processes for the Bank's projects. Bjerde highlighted the importance of ensuring swift project implementation, ensuring timely and effective delivery of development objectives.

The Philippines currently has 18 ongoing loans with the World Bank, totaling USD 5.701 billion, with six of these loans valued at USD 2.336 billion signed during the administration of President Ferdinand R. Marcos, Jr. Bjerde revealed that numerous programs and projects are under consideration for funding between 2024 and 2025, with 20 pipeline loans worth USD 5.677 billion expected to be signed between the Philippines and the World Bank. These prospective projects span a range of critical areas, including digital transformation, disaster risk management, climate resilience, transportation, and energy.

In a separate interaction, Secretary Diokno engaged with representatives of prominent Japanese banks, encouraging increased investment in the Philippines' burgeoning infrastructure sector. The Japanese banks expressed a strong desire to further their investments in the Philippines, particularly in renewable energy, sustainable technology, infrastructure, and fixed-income instruments.

Secretary Diokno emphasized the Philippines' commitment to a just transition to renewable energy, highlighted the numerous opportunities for public-private partnerships, and underscored the country's infrastructure flagship projects as prime investment targets. Additionally, the growing market for bonds and sustainable finance instruments was a focal point in the discussions, reflecting the nation's dedication to sustainable and responsible financial practices.