PH seeks increased World Bank support

The Philippine government has called on the World Bank Group (WBG) and the International Monetary Fund (IMF) to increase their support for developing countries, even as the country transitions to upper-middle-income country (UMIC) status, emphasizing the need for assistance that helps nations navigate domestic and external challenges while remaining adaptable to evolving priorities.

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In a statement delivered at the WBG-IMF 2025 annual meetings in Washington, D.C., on Oct. 17, Department of Finance (DOF) Undersecretary Joven Balbosa, temporary alternate governor of the International Bank for Reconstruction and Development (IBRD) for the Philippines, noted that the World Bank (WB) is the country's third-largest official development assistance (ODA) partner, offering both financing and expertise to support national development goals. IBRD is the WBG's lending arm for developing countries like the Philippines.

Balbosa also welcomed the WBG's country partnership framework (CPF) for the Philippines for 2025-2031, describing it as a "comprehensive commitment and partnership" aligned with the Philippine Development Plan (PDP) 2023-2028.