World Bank Group President Robert B. Zoellick arrived in Manila on Tuesday and pledged the bank’s support to fight corruption and lift the Philippine economy from poverty.
Zoellick said his visit sought to strengthen the bank’s partnership with the Philippines where the new administration was trying to pursue reforms for good governance and overcome poverty.
The World Bank Group has a total loan commitment of at least $2 billion to the Philippines with an additional $185 million in commitments from the Bank’s private sector arm, the International Finance Corporation.
Zoellick’s visit came almost a month after President Benigno S. Aquino III gave a speech during the Annual Meetings of the World Bank-IMF in Washington DC, where he talked about good governance.
“The World Bank shares the view that fighting corruption and boosting transparency are vital to development,” said Zoellick.
“We know corruption is a drag on the economy, taxes the poor, and strangles opportunity, so I am looking forward to seeing first hand and learning from some of the reforms President Aquino has put in place to improve governance,” Zoellick said.
Zollick’s visit came a day after the World Bank released a comprehensive report that details the extent of corruption in the Philippines, where its says charitable foundations and organizations were being used to embezzle government funds or the proceeds from corruption.
The 285-page report, The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It, cited cases of how the Marcos and Estrada cronies used foundations to to hide money trails.
Zoellick said the new government’s focus on good governance will help boost economic growth, as better governance improves the investment climate as well as helps ensure efficient public spending.
The World Bank chief wa scheduled to meet President Aquino as well as the economic team led by Finance Secretary Cesar Purisima. He will also meet with leaders and representatives of civil society organizations, as well as the private sector.
“The People Power revolution of 1986 opened an opportunity. The continued involvement of citizens is important to good governance. And a strong and engaged civil society can combine with transparency and good governance to make for more resilient societies and stronger, more inclusive growth,” Zoellick said.
He is also set to visit a poor community to meet with people benefitting from the government’s conditional cash transfer program, Pantawid Pamilya, which provides families with cash if they send their children to school and comply with health checks.
The World Bank has been providing support for the conditional cash transfer program since 2008. The program has reportedly benefitted about 2.2 million households that include 6 million children up through age 14.
“At a time when many countries have increasing numbers of people living precariously near the poverty line, targeted safety net programs are vital to help the most vulnerable people to continue to have opportunity and hope,” Zoellick said. –Roderick T. dela Cruz, Manila Standard Today
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