WB could fund $3B in projects for PHL in year to June 2028

THE World Bank (WB) is considering more than $3 billion worth of new projects for the Philippines in its next fiscal year, with planned investments focused on social protection, skills development, government modernization and support for measures to be taken in response to the Middle East crisis.

The World Bank’s fiscal year runs from July 1 to June 30 of the following year.

“We have a pipeline that includes projects such as the continuation of 4Ps, and projects on skills development and government modernization,” World Bank Division Director for the Philippines Zafer Mustafaoğlu told reporters on Thursday.

“The details are not yet clear but I would say that (it would be) around $3 billion-plus. That would be the range as we prepare,” he added.

The World Bank has been supporting the government’s Pantawid Pamilyang Pilipino Program (4Ps), the country’s flagship conditional cash transfer program, since 2008.

He said the pipeline also includes potential support for government measures to address the impact of the conflict in the Middle East, which has driven up global oil prices and prompted the Philippines to declare a one-year state of emergency.

The World Bank’s lending arm, the International Bank for Reconstruction and Development (IBRD), estimates that it had 54 active loans in the Philippines worth $15.52 billion as of April 30.

Of the total committed financing, $9.13 billion has been disbursed, leaving $6.14 billion undisbursed. The Philippines’ outstanding obligation to the IBRD stood at $7 billion.

Mr. Mustafaoğlu said the government has yet to complete its review of projects being implemented with multilateral development institutions.

“The government is going through that prioritization, that calibration. The government is discussing within the government and also with all multilateral development agencies,” he said.

He said one of the government’s priorities is to accelerate project implementation and focus on results.

“We fully support this. As the World Bank … we want to get results on the ground,” he said.

The review remains ongoing and no final decisions have been made, he added.

Separately, the World Bank said that it signed the grant agreement for the Pandemic Fund-Resilient Philippines Project worth $18.85 million.

“The objective of the Project is to improve the Philippines’ capacity to detect, report, and respond to existing and emerging pathogens with epidemic potential among humans, animals, and wildlife,” it said.

The project will be jointly implemented by the departments of Health and Agriculture and is scheduled to run until March 31, 2028. — Justine Irish D. Tabile