Diokno meets WB president to scale support for admin’s socioeconomic agenda

Finance Secretary Benjamin Diokno met with World Bank Group President David Malpass on October 11, 2022 (EDT) at the World Bank Headquarters in Washington, D.C. to discuss the Philippines’ ongoing loan portfolio with the World Bank and seek support from the Bank for the Marcos administration’s comprehensive eight-point socioeconomic agenda.

The bilateral meeting was held on the sidelines of the 2022 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group. It was attended by key officials from the World Bank Group and the International Finance Corporation (IFC).

Secretary Diokno thanked President Malpass for the Bank’s emergency response facility and timely support to the Philippines’ COVID-19 response and vaccination efforts.

He also called for the Bank’s support for key program areas in line with the Marcos administration’s goal of creating more jobs, improving food security, and strengthening climate resilience.

At present, the World Bank Group has a Global Crises Response Package to help countries navigate multiple crises, including food and energy security, learning losses due to school closures during the pandemic, climate change mitigation and adaptation, and other long-term development challenges.

The Philippines has a robust loan portfolio from the World Bank. In 2021, total budget support loan availed and disbursed from the International Bank for Reconstruction and Development is USD1.376 billion, or about 12 percent of 2021 actual external financing. Meanwhile, total commitment approved in Fiscal Year 2022 is USD1.5781 billion.

World Bank and IFC officials in attendance include Managing Director for Operations Axel van Trotsenburg, Regional Vice President for Asia and the East Asia and Pacific Region Manuela Ferro, Vice President for Macro Economics and Fiscal Management Pablo Saavedra, Country Director for the Philippines Ndiame Diop, Executive Director for the Philippines Erivaldo Gomes, and IFC Acting Regional Vice President Hector Gomez Ang.