World Bank pipelines over $3 billion loans to Philippines

MANILA, Philippines — The World Bank is looking to extend around $3 billion worth of loans to support programs in the Philippines in the next fiscal year.

Zafer Mustafao?lu, division director for the Philippines at the World Bank told reporters that the multilateral lender is preparing the pipeline of projects to be supported in the Philippines for the next fiscal year, which will start on July 1.

He said the total loan being considered for the project pipeline is around “$3 billion plus.”

“Our pipeline includes how to support the government in response to this Middle East crisis,” he said.

Ongoing tensions in the Middle East have caused fuel and commodity price spikes in the domestic market.

Mustafao?lu said that the pipeline includes the continuation of support for the Pantawid Pamilyang Pilipino Program, which aims to break the cycle of poverty through conditional cash transfers to support children’s health and education.

The pipeline also covers projects on skills development, modernization of government processes and other structural reforms.

The World Bank is engaged in discussions with the government as the latter reviews its priorities for its borrowing program.

Discussions include addressing poverty and providing support for vulnerable groups during shocks.

Mustafao?lu said that the World Bank supports the government’s push to accelerate project implementation.

“We want to get results on the ground. So accelerated implementation and results are very important,” he said.

Under the World Bank’s country partnership framework for the Philippines for 2025 to 2031, the aim is to improve the Filipinos’ quality of life through better opportunities and by strengthening resilience to shocks.

The framework focuses on protection for the poor, education, health, job creation, resilience, digital connectivity and more private investment.