
Making growth work for the poor means making sure that no one is left behind when the economy improves. Households and communities, especially the most at risk, should have better income opportunities and less vulnerability to sudden economic difficulties. They should have better education, good health care, and have access to information and infrastructure, thus empowering them to participate in economic activities and transform their lives.
The World Bank Group will also help national government agencies, local government units, and other sectors of society demonstrate improved accountability and transparency for better economic outcomes. One Bank Group
The World Bank and the International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, will work together in combating poverty and promoting inclusive growth in the Philippines. The Bank is prepared to provide US$700 million to US$1 billion in support per year for the next three years, coupled with a large program of analytical and advisory activities (AAA). IFC’s investment program will be in the range of US$250-US$300 million per year. The World Bank and the IFC will pursue collaborative programs in infrastructure, agribusiness and in the financial sector which have significant development impact and where a combination of public and private sector actions are needed. Another member of the World Bank Group, the Multilateral Investment Guarantee Agency (MIGA), will provide guarantees to foreign investors against losses caused by non-commercial risks, as well as technical assistance to help countries disseminate information on investment opportunities.
Response to the Crisis
While the CAS serves as the three-year framework that guides the World Bank’s operations in the Philippines, it was also crafted in response to the evolving global economic crisis. Among the Bank’s supported initiatives designed to deal with the crisis are two projects implemented by the Department of Social Welfare and Development: the government’s Conditional Cash Transfer (CCT) program, and the community-driven Kalahi-CIDSS development project. The IFC has also developed instruments to help private firms deal with increased risk and liquidity constraints arising from the crisis. |