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World Bank Group’s IFC assigns new country manager for the Philippines

THE INTERNATIONAL Finance Corp. (IFC), a member of the World Bank Group, has assigned Jean-Marc Arbogast as the new country manager for the Philippines, it said in a statement on Thursday.

Pandemic impact felt disproportionately by poor

THE PANDEMIC has hit poorer households in the Philippines harder than the rest of the population, affecting their income and food security disproportionately, according to the World Bank.

World Bank sanctions Chinese engineering firms in Zambian power project

WASHINGTON — The World Bank said on Wednesday it has sanctioned a Chinese state electric engineering group and its subsidiary over fraudulent practices in...

World Bank approves P4-billion loan for Customs modernization

THE WORLD BANK has approved a loan worth $88.28 million (P4.3 billion) for the modernization of the Bureau of Customs (BoC), a project which hopes to automate the agency’s processes and lower trade costs.

World Bank signals readiness to fund PHL vaccine program

THE World Bank said it is ready to support the Philippine government with vaccine acquisition once an effective product becomes available.

Philippines may tap support from ADB, World Bank to finance free...

THE GOVERNMENT may enlist the support of the Asian Development Bank (ADB) and the World Bank to finance a free coronavirus vaccination program next year.

US Treasury chief urges IMF, World Bank to be prudent fighting...

WASHINGTON — US Treasury Secretary Steven Mnuchin on Wednesday urged the International Monetary Fund (IMF) and World Bank to work judiciously within their existing resources to fight the coronavirus pandemic and urged G20 countries to endorse a proposed debt restructuring framework.

World Bank sees up to 9 million in Asia-Pacific pushed to...

BETWEEN 5.3 million and nine million people in East Asia and the Pacific are expected to fall into extreme poverty this year as the coronavirus pandemic wipes out years of poverty reduction gains and creates a group of “new poor,” according to the World Bank.

Debt cancellation needed to help poorest countries — World Bank president

BERLIN — The COVID-19 pandemic could trigger a debt crisis in some countries, so investors must be ready for granting some form of relief that could also include debt cancellation, World Bank President David Malpass was quoted as saying on Sunday.

World Bank approves $600-million loan for PHL 4Ps program

THE World Bank approved Wednesday a $600-million (P29 billion) loan to help the country fund its conditional cash transfer program for poor families.

PHL faces volatile recovery, says WB

THE Philippines faces the prospect of an “uneven” and “volatile” economic recovery as it struggles to control the coronavirus disease 2019 (COVID-19) pandemic, the World Bank (WB) said after it slashed the country’s gross domestic product (GDP) forecast again this year.

Pandemic to keep Asia’s growth at lowest since 1967, warns World...

TOKYO — The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific...

Anti-graft court failed to fast-track cases vs officials — World Bank

THE COUNTRY’S anti-graft court has failed to fast-track trials against high-ranking state officials in the past four decades partly due to limitations of the Philippine Ombudsman, according to the World Bank.

World Bank agriculture expert recommends PHL drop focus on individual crops

A WORLD BANK economist said the Philippines needs to move away from a policy of prioritizing specific crops while focusing on improving the resilience and sustainability of the agriculture sector.

World Bank board expects act on fisheries loan by July 2021

THE World Bank estimated that its board will decide by July 2021 on a $200-million  loan sought by the Philippine government to develop the fisheries sector.

PHL signs P18-B loan deal with World Bank for agrarian reform

THE government signed a $370-million (P18.29 billion) loan agreement with the World Bank to fast-track the process of dividing 1.4 million hectares for distribution to beneficiaries of the Comprehensive Agrarian Reform Program, the Department of Finance (DoF) said.

World Bank to act on $300-M loan for Agus-Pulangi rehab next...

THE World Bank said the estimated approval date of the $300-million (around P15 billion) loan to support the Agus-Pulangi Hydropower Complex Rehabilitation Project is Sept. 29, 2021.

Next World Bank, IMF meetings to be virtual — World Bank...

WASHINGTON — The World Bank and International Monetary Fund will hold their annual Fall Meetings online in October because of the novel coronavirus pandemic, World Bank President David Malpass said in a letter to the Bank’s governors.

Philippines still a lower-middle income economy — World Bank

THE Philippines remained as a lower-middle income economy, according to the latest data from the World Bank.

World Bank names new PHL country director

THE World Bank Group named Ndiamé Diop as its new country director for Brunei Darussalam, Malaysia, Philippines and Thailand starting Wednesday.

World Bank flags unmet goals in NCR wastewater project

THE project period for a Metro Manila wastewater collection and treatment management system is due to expire Tuesday with its main backer, the World Bank, noting that the project has yet to meet targets for the number of people reached, among others.

WB slashes PHL growth forecast

THE PHILIPPINE economy is projected to shrink by 1.9% this year as the coronavirus crisis continues, the World Bank said, estimating 1.2 million more Filipinos will slip into poverty as a result.

Learning from the founders

TIMES are hard — the pandemic is not yet over, the entire world has been upended and has entered what the World Bank called the worst recession since the Second World War as it forecast the global economy to shrink by 5.2% this year — but there is still hope for recovery. The recently launched book Asian Founders at Work seeks to encourage recovery through stories of Asian businesses that weathered storms and found success in their industries.

PHL, World Bank sign $500-M loan agreement

THE government on Wednesday signed a $500-million loan agreement with the World Bank, the proceeds of which will fund the coronavirus containment efforts and aid small-business workers and the vulnerable population.

Retreat from global trade seen after pandemic — WB

THE World Bank (WB) said the less immediately obvious consequences of the pandemic include the erosion of human capital as millions lose their jobs as well as the contraction of supply chains as troubled firms withdraw from participating in the global economy.

World Bank approves $100-M loan for PHL coronavirus fight

THE World Bank (WB) on Wednesday approved a $100-million (P5-billion) loan for the Philippine government’s efforts to combat the coronavirus disease 2019 (COVID-19) pandemic.

World Bank urges conflict-affected countries to preserve poverty-reduction gains

THE World Bank said low and middle-income countries impacted by conflict and violence, including the Philippines, should invest in institutional reform to preserve any gains made in poverty reduction.

One-stop shops, electronic courts to boost PHL’s ‘Doing Business’ ranking

THE PHILIPPINES can make doing business easier for entrepreneurs through one-stop shops as well as by establishing electronic courts to streamline dispute resolution among entrepreneurs, World Bank analysts said on Friday.

World Bank commits additional $280-million funding for PRDP

DAVAO CITY — The World Bank has committed to add another $280 million fund for the Philippine Rural Development Project (PRDP), Agriculture Secretary William D. Dar announced Saturday.

World Bank approves further $300-M funding for CCT program

THE World Bank said it approved a $300 million loan to help fund the Philippines’ conditional cash transfer program for two years.

Policies needed to boost ASEAN’s digital economy

DESPITE high participation in digitally-enhanced services trade among members of the Association of Southeast Asian Nations (ASEAN) between 2010 and 2016, policies to improve broadband penetration are needed to boost economic growth, especially in the Philippines and Indonesia, according to the World Bank.

WB pushes 4.5% of GDP infrastructure spending

DEVELOPING COUNTRIES like the Philippines should invest more to improve living conditions and contribute to global efforts against climate change, the World Bank said.

World Bank official flags impact of lack of competition on PHL...

LACK OF competition hinders the country from making significant progress in reducing poverty, according to an official from the World Bank.

From the Front Page: PHL to outpace China’s GDP growth

Your weekly recap of BusinessWorld news.

World Bank cuts Philippine growth forecasts on elevated inflation, budget reenactment,...

THE WORLD BANK cut its economic growth forecast for the Philippines as sustained high inflation, lower infrastructure disbursements next semester due to reenactment of the national budget and continued weakness of global trade offset the lift from spending related to the May 13, 2019 mid-term elections.

World Bank says demand for blockchain bond tops expectations

Washington -- The World Bank raised Aus$110 million ($80.9 million) in the first-ever blockchain bond offering following investor demand that exceeded expectations, the global...

WB pledges support for Bangsamoro region

THE World Bank (WB) said it will ramp up development support to the Bangsamoro region after President Rodrigo R. Duterte signed the Bangsamoro Organic Law (BOL) last week,

World Bank to scale up dev’t program for Bangsamoro

World Bank said it will ramp up development support to the Bangsamoro region after President Rodrigo R. Duterte signed the Bangsamoro Organic Law (BOL)...

World Bank cites ‘satisfactory’ progress of DA’s rural infra projects

THE WORLD Bank has cited the "satisfactory" progress of the Department of Agriculture's (DA) rural infrastructure projects funded by the Washington-based lender. In its Implementation...

WB maintains Philippine growth forecast

THE World Bank sees stronger growth during the second half of 2018 on the back of stronger public spending, with the Philippine economy expected to sustain its pace despite global headwinds.

WB-backed flood project construction due in Q4

THE bidding process for the Metro Manila Flood Management Project is set to begin next month, the World Bank (WB) said, with the construction period to start in the fourth quarter.

WB cites PHL growth promise, risks

THE WORLD BANK sees the Philippines sustaining relatively robust growth in the medium term -- though short of government target -- but flagged capacity constraints and price pressures that may weigh on prospects.

WB cites Philippines’ anti-poverty gains, deficiencies

THE PHILIPPINES’ robust economic growth has made a dent on poverty in recent years, such progress pales in comparison to those of neighbors due to low-quality jobs, inequitable access to basic services, and the country’s vulnerability to natural disasters, the World Bank said in a report.

Developing human capital for economic growth

To a layman, the relationship between education and economic growth is relatively straightforward. An educated population is a productive work force, and higher productivity...

World Bank cites need to address ‘poor quality of jobs’ to...

THE WORLD BANK has labelled the poor quality of jobs in the Philippines as the "missing link" to reducing poverty and inequality in the...