MANILA, Philippines – Malacañang is hoping to silence critics with more good news, especially from the international community, such as the decision of the World Bank to double its assistance to the country next year.
From its current overall assistance of $650 million, the World Bank (WB) is looking at an increase of $1.3 billion up to $1.5 billion, WB Country Director Bert Hofman said.
The WB is also expected to increase funding support for the government’s conditional cash transfer program to the very poor.
Hofman said the increase was approved last week at the annual meeting in Washington of the WB and International Monetary Fund with the Philippines’ economic team.
“This is an affirmation that even in this short period of time, we are delivering on our anti-poverty and anti-corruption efforts,” Presidential Communications Development and Strategic Planning Office Secretary Ricky Carandang said.
“It’s also a slap in the face of some our critics.”
Carandang said positive developments would be the best way to counter criticisms against the Aquino administration.
Earlier, President Aquino said confidence was back in the Philippines as indicated by the strong peso, the bullish stock market, and other significant economic developments.
Hoffman said the Aquino government “has started a lot of initiatives that we believe are good for poverty alleviation and making growth work for the poor.”
“Transparency makes us comfortable about the use of our money,” Hoffman said.