World Bank commits $1.5B to PH

The World Bank on Wednesday said it has committed a multibillion-dollar loan assistance to the Philippines over the next three years to finance priority projects under the Philippine Development Plan for 2011 to 2016.

Under its current Country Assistance Strategy (CAS) that covers up to June 2013, the World Bank committed an expanded program of support in response to the government’s request for larger lending operations.

The project line-up considered during the programming discussion, which is subject to further processing, runs up to $1.5 billion for 2012.

“Our program of support for the country for 2012 to 2013 is guided by our Country Assistance Strategy with a firm commitment to support inclusive growth in the country,” Chiyo Kanda, World Bank acting country director said.

“We are pleased that the programming discussion has validated our programs for the next few years, which will help expedite preparations for these development initiatives,” he added.

Country programming discussions are conducted once a year and serve as the venue for discussion between the Philippine government and the lender regarding its lending program for a three-year rolling period as defined by its CAS. Projects and programs discussed at the programming meeting include health, education, and community-driven development projects, urban transport systems, road networks, wastewater management, renewable energy and additional financing for conditional cash transfers, among others.

“The World Bank’s reaffirmation of support to the country’s development plan is timely because the government is now accelerating public spending and infrastructure development to boost growth, increase productivity, and create more jobs,” Rolando Tungpalan, deputy director-general of the National Economic and Development Authority said.

In view of the challenging global economic environment, “support from the WB and other development partners will boost our efforts to spur more economic activities and create more jobs,” Tungpalan said.

“On the part of the Philippine government, NEDA has just completed the country’s Public Investment Program [PIP] that will put on faster track the implementation of the country’s infrastructure program, among others,” he said.

“Our program is not just about addressing poverty; it’s really about creating more economic opportunities, and ultimately, prosperity for the country,” he added. –Darwin G. Amojelar Senior Reporter, Manila Times