Recto welcomes World Bank’s PH commitment

Finance Secretary Ralph Recto welcomed the World Bank Group’s (WBG) newly-approved Country Partnership Framework (CPF) for the Philippines (2026–2031), calling it the most aligned yet with President Ferdinand Marcos, Jr.’s agenda for inclusive growth.

The new CPF ensures that support is tailored to the key priorities of the Marcos, Jr. administration, such as improving healthcare, education, job creation, digitization and building a more resilient and inclusive economy.

“The World Bank has once again proven to be a reliable partner of the Philippines. By anchoring the CPF in the President’s vision, we ensure that development financing addresses our most pressing needs and delivers genuine impact in improving the lives of Filipinos,” Recto said.

Manuela Ferro, World Bank Vice President for East Asia and Pacific, said the CPF is designed to help the Philippines build on this positive momentum to create more jobs for its young population, build resilience to shocks, further reduce regional disparities and invest in education and health.

The CFP strategically guides the WBG’s engagement with member countries, ensuring support remains targeted and relevant to the beneficiary. It employs a country-driven and evidence-based approach, supported by detailed analyses of the country’s development challenges and opportunities.

For the Philippines, the new CPF is more ambitious and inclusive, drawing from the lessons of the 2019–2024 CPF and shaped by wide-ranging consultations with national and local government agencies, academic institutions, civil society organizations, development partners and the private sector.

Improved access to quality health and education will close the human capital gap and strengthen the capabilities of Filipinos. Through its implementation, the WBG expects to deliver quality health, nutrition, and population services to 19 million Filipinos and support better education outcomes for 15 million students.

Meanwhile, the CPF targets the creation of four million new or improved jobs, expanded broadband access for 19 million Filipinos, and the mobilization of $2 billion in private capital. These efforts will generate more productive, higher-paying opportunities, driving inclusive and sustained growth.

Recognizing the country’s vulnerability to natural disasters and climate change, the CPF places strong emphasis on resilience. It will support 12.5 million beneficiaries of social protection programs and enhance climate resilience for 13 million people, helping shield communities from future shocks.

Across all priority areas, the CPF underscores the need for a more efficient and capable public sector. Through digital transformation and smarter service delivery, the WBG aims to enable 20 million people to access government services online—making public institutions more accessible, accountable and responsive.

The CPF is a joint strategy of the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

The WBG will provide financial support and advisory services to implement the CPF, including IFC support to mobilize private sector capital, while MIGA will explore opportunities to support investments through its guarantee platform.

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