The World Bank has approved an $800 million Development Policy Loan to support reforms in the Philippines aimed at strengthening fiscal resilience, attracting private investment and improving workforce skills.
The Growth and Jobs Development Policy Loan will fund measures to boost revenue and spending efficiency, streamline regulations, lower compliance costs for firms and encourage foreign direct investment, the WorldBank said.
The program, implemented by agencies including the Department of Finance, Department of Education and Securities and Exchange Commission, also seeks to enhance education, skills and innovation.
Zafer Mustafaoğlu, World Bank Division Director for the Philippines, Malaysia and Brunei, said: “The World Bank is proud to continue supporting the Philippines’ priorities — turning strong growth into more and better-paying jobs. 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.”
World Bank senior economist Jaffar Al‑Rikabi said: “These reforms aim to crowd in private investment, create more and better jobs, and drive the Philippine economy toward more sophisticated, higher-value activities.”
Finance Secretary Frederick Go, for this part, said the financing was a vote of confidence in the country’s growth path.
“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.
