MANILA, Philippines – The World Bank (WB) has approved an $800-million Development Policy Loan (DPL) to help the Philippines strengthen fiscal resilience, attract higher-quality private investments, and equip its workforce with the skills needed for better and more productive jobs.
In a statement released Friday, the World Bank said the Philippines Growth and Jobs Development Policy Loan will support key reforms aimed at boosting the Philippine economy and expanding job opportunities.
The reforms include measures to strengthen fiscal management, enhance the business environment, and build the capabilities of the country’s labor force.
According to the World Bank, these goals will be achieved through revenue and expenditure reforms, initiatives to lower the cost of doing business, and policies that promote competition, investment, and innovation. The program also supports improvements in education, skills development, and workforce training.
The financing will help the government strengthen domestic resource mobilization and improve the efficiency of public spending, ensuring continued investments in priority areas such as infrastructure and human capital.
It will also support efforts to streamline regulations, reduce compliance costs for businesses, promote market competition, and encourage greater private sector participation and foreign direct investment in key sectors.
“The World Bank is proud to continue supporting the Philippines’ priorities — turning strong growth into more and better-paying jobs,” said Zafer Mustafaoğlu, World Bank Division Director for the Philippines, Malaysia, and Brunei.
“By strengthening fiscal foundations, improving the business climate, and investing in human capital, this effort will unlock private investment and equip people with the skills they need to find jobs and thrive,” he added.
The reform program will be implemented by several government agencies, including the Department of Education, the Department of Finance, the Department of the Interior and Local Government, the Securities and Exchange Commission, and the Technical Education and Skills Development Authority.
“These reforms aim to crowd in private investment, create more and better jobs, and drive the Philippine economy toward more sophisticated and higher-value activities,” said World Bank senior economist Jaffar Al-Rikabi.
In a separate statement, Finance Secretary Frederick Go said the World Bank financing reflects strong confidence in the country’s economic direction.
“Part of what makes this financing so important is our firm commitment to fiscal discipline, ensuring that every peso is spent wisely to create jobs, support businesses, and strengthen public services for the benefit of all Filipinos,” Go said.
“I thank the World Bank for their continued partnership in helping the Philippines achieve its growth and development goals,” he added.
— The Summit Express