The Philippine government has reaffirmed its commitment to deepening its partnership with the World Bank (WB) as it pushes for stronger support to safeguard jobs, reduce poverty, and advance climate initiatives amid rising global uncertainties.
Finance Secretary Frederick Go said the Philippines aligns with the Bank’s long-term development agenda, stressing the need to sustain key programs beyond political cycles to build inclusive and resilient economies.
“The Philippines is one with the Bank’s position to ensure that such agendas are sustained across political cycles, recognizing that they are fundamental in building prosperous, inclusive, and sustainable societies,” Go said.
The government also urged the World Bank to provide more timely and concrete assistance, particularly in enhancing crisis preparedness and disaster response. This includes sustaining disaster risk financing programs that allow quicker access to funds during emergencies.
Go warned that global headwinds, including geopolitical tensions in the Middle East, are putting pressure on economic stability, with rising oil prices potentially driving up the cost of goods, dampening investments, and straining public finances.
To address these challenges, the Philippines called for streamlined approval processes for crisis-related funding to enable faster government response during emergencies and economic shocks.
The government likewise sought increased financial support and more affordable lending terms from the World Bank to sustain development programs, especially those aimed at job creation and support for vulnerable and middle-income sectors.
It also pushed for expanded access to blended financing by combining loans with grants, guarantees, and technical assistance to help fund urgent priorities, strengthen institutions, and support long-term growth.
Officials said these efforts are anchored on generating quality employment and ensuring that economic gains translate into improved living standards for Filipino families.