The World Bank is looking to double its assistance to the Philippines in 2011, according to the bank’s leading official for the Asian country.
The Philippines can expect at least USD1.3 billion and as much as USD1.5 billion in World Bank support next year, or at least twice the USD650 million approved by the global lender for the country in 2010, Bert Hofman, World Bank country director for the Philippines, told the Philippine Star.
Hofman said the decision was taken during the annual meeting between the World Bank, International Monetary Fund and the Philippine economic team held in Washington two weeks ago.
“We agreed basically on an increased envelope,” Hofman said to the Philippine Star. “The government has started a lot of initiatives that we believe are good for poverty alleviation and making growth work for the poor.”
He noted efforts by the government of Philippine President Benigno Aquino III in promoting transparency in governance, saying that “transparency makes us more comfortable about the use of our money.”
The bank, Hofman said, is considering the possibility of participating in public-private sector partnerships being pursued by the Aquino administration, such as the expansion of the light rail transit network and improvement of the sewage system in Metro Manila, the country’s business and political center.