WB country partnership to focus on building PHL resistance to shocks
WB country partnership to focus on building PHL resistance to shocks
THE Department of Finance (DoF) said the World Bank’s (WB) new Country Partnership Framework (CPF) for the Philippines is designed to help it become more resilient in the face of external shocks.
In a statement on Sunday, the DoF said the new CPF is “more ambitious and inclusive,” incorporating lessons from the 2019-2024 CPFs.
Finance Secretary Ralph G. Recto said this new partnership aligns with the administration’s priorities, such as “healthcare, education, job creation, digitization, and building a more resilient and inclusive economy.”
The CPF is a joint strategy of the International Bank for Reconstruction and Development, the International Finance Corp., and the Multilateral Investment Guarantee Agency.
“(The CPF) is designed to help the Philippines build on this positive momentum to create more jobs for its young population, build resilience to shocks, further reduce regional disparities, and invest in education and health,” Manuela Ferro, World Bank Vice-President for East Asia and Pacific said.
On May 22, the World Bank Group’s executive directors endorsed the CPF for the Philippines for 2026 to 2031.
Among the targets of the CPF includes generating 4 million new or improved jobs, expanded broadband access for 19 million Filipinos, and the mobilization of $2 billion in private capital.
“Recognizing the country’s vulnerability to natural disasters and climate change, the CPF places strong emphasis on resilience. It will support 12.5 million beneficiaries of social protection programs and enhance climate resilience for 13 million people, helping shield communities from future shocks,” the DoF said.
The World Bank expects the Philippine economy to grow at a sub-6% pace until 2027 following an expected slowdown in global activity due to the shift in US trade policy.
It forecasts a 5.4% growth rate for 2026 followed by 5.5% in 2027.
These would all fall short of the government’s 6-8% growth targets for this year until 2028. — Aubrey Rose A. Inosante
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