FINANCE Secretary Ralph Recto has gained the support of the World Bank and Asian Development Bank (ADB) for key development programs in the Philippines.
In a high-level meeting with the two banks on Thursday, Recto said he had secured commitments to boost digitalization, improve human capital and infrastructure, enhance disaster preparedness, and fully digitalize the country's tax system.
World Bank Group (WBG) President Ajay Banga has expressed willingness to help the Philippines with its digitalization efforts to improve revenue and fix leaks, stressing the importance of building a strong digital foundation for the future.
This includes creating digital IDs, a real-time payment system and secure document storage for the government, which aims to involve citizens and make public services more efficient.
To achieve these goals, Banga proposed forming a special World Bank team to work with the government on digitalization strategies, which would focus on boosting revenue and providing long-term benefits.
Banga said that the World Bank is committed to supporting the government's infrastructure program and creating more opportunities for young entrepreneurs by making it easier to get startup money, among others.
He plans to help the agriculture sector become more productive and profitable while reducing emissions through better technology.
For his part, ADB President Masatsugu Asakawa vowed to work closely with the Philippine government on a Digital Transformation Project for the Bureau of Internal Revenue, which would support the country's tax reform and resource-gathering efforts.
Recto also "called for strengthened collaboration in harnessing renewable energy resources to accelerate the Philippines' transition to clean energy" and asked for the ADB's help in hosting a global climate fund called Loss and Damage Fund.
This fund was established in November 2023 under the United Nations Framework Convention on Climate Change.
Asakawa said these priorities would be part of the upcoming Country Partnership Strategy for the Philippines. He pledged to continue supporting the country as it moves toward becoming a middle-income country.
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