World Bank commits to help PH attain upper middle-income status goal

The World Bank has expressed commitment in assisting the Philippine government on its development agenda, including attaining the upper middle-income status, the Presidential Communications Office said Wednesday.

According to the PCO, World Bank managing director for operations Anna Bjerde paid a courtesy visit to Cabinet members on Tuesday "to align the Bank's priorities with the Philippines' development agenda."

Bjerde said the World Bank supports the Marcos administration in its vision of becoming a "prosperous, inclusive, and poverty-free society by 2040."

“The post-pandemic recovery is underway in the Philippines, with strong domestic demand weathering global headwinds. Since 2022, its economy has been growing rapidly, aided by a substantial reduction in COVID-19 cases that facilitated a full economic reopening,” Bjerde said during the meeting.

“The World Bank is committed to supporting the Philippines achieve long-term inclusive and sustainable growth, attain upper middle-income country status, and eventually become a predominantly middle-class society by 2040,” Bjerde said.

President Ferdinand "Bongbong" Marcos Jr. earlier said the Philippines is set to reach the upper middle income status "very soon."

https://www.gmanetwork.com/news/money/economy/859259/marcos-philippines-to-reach-upper-middle-income-status-very-soon/story/

Meanwhile, the World Bank also acknowledged the country's progress in the enforcement of the government's ongoing project as it also noted the opportunities for the Philippines to boost investments and long-term growth due to its young and skilled labor force.

The PCO said the World Bank's International Bank for Reconstruction and Development is the Philippines’ third largest official development assistance partner, with active loans and grants amounting to around US$6.8 billion that is 21.2% of the country’s total ODA.

The Cabinet members who met Bjerde were Finance Secretary Benjamin Diokno, Socioeconomic Planning Secretary Arsenio Balisacan, Energy Secretary Raphael Lotilla, Public Works and Highways Secretary Manuel Bonoan, Budget and Management Secretary Amenah Pangandaman, and Communications Secretary Cheloy Velicaria-Garafil.

Bjerde was joined by World Bank Regional Vice President for East Asia and Pacific Manuela Ferro and World Bank Country Director for the Philippines Ndiamé Diop. —Anna Felicia Bajo/KBK, GMA Integrated News