World Bank Country Director
Financial assistance and investment will continue to be an element of the new strategy, involving possibly more than
In a statement issued on Friday, the
The Group said its
Financial and non-lending support
The CPS is joint strategy of the three members of the Group: the
The Group said the indicative new financial commitment from IBRD may average
IFC has committed
The new CPS supports the country's development programs in five key engagement areas:
First, transparent and accountable governance, which focuses on strengthening public financial management, improving fiscal transparency and financial accountability, and supporting greater demand from citizens for government accountability;
Second, empowerment of the poor and vulnerable, including improving health and education outcomes, strengthening social protection and ensuring the availability of more timely and improved measurements of poverty;
Third, rapid, inclusive and sustained economic growth, which addresses initiatives promoting economic policy reform for inclusive growth, boosting private sector development by improving the investment climate for firms of all sizes, developing greater access to finance, and increasing productivity and job creation, especially in rural areas;
Fourth, climate change, environment, and disaster risk management, through increasing physical, financial and institutional resilience to natural disaster and climate change impacts, and improving natural resource management and sustainable development;
Lastly, peace, institution building, and social and economic opportunity, which is concerned with supporting social and economic development in conflict-affected regions in Mindanao, including the Bangsamoro.
Public and private resources
"We will leverage our public and private resources to help Filipinos build resilience to economic shocks from natural disasters and climate change and to build shared prosperity including for people in Mindanao seeking the rewards of peace," Trotsenburg said.
The WBG also recognized that strong macroeconomic fundamentals have enabled
"In particular, we will focus on areas and sectors where poverty is very high," Konishi said.
The Group said that the new CPS benefited from extensive consultations with various stakeholders in different parts of the country, including civil society representatives, national and local government officials from oversight and implementing agencies, private/business sector, academia, members of the legislature and other development partners.
Meanwhile, Finance Secretary
"The strategy's continuing focus on good governance, strengthened public finances and fiscal transparency will support the Aquino administration's efforts to continue the virtuous cycle of expanding our fiscal space for greater investments in infrastructure and social services," he said.
Socioeconomic Planning Secretary and Director General
"The Aquino government focuses on attaining sustained high economic growth that is inclusive. More equitable access to development opportunities will ensure that even the poor will gain from and contribute to growth through highly productive and quality employment and effective social safety nets to protect the vulnerable sectors of society.
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