- The World Bank's new Country Partnership Framework (CPF) for the Philippines aims to create 4 million jobs and improve digital and social services.
- With a $2 billion fund, it will boost internet access for 19 million Filipinos and support private sector projects to fuel economic growth.
- The CPF targets improved healthcare for 19 million Filipinos, quality education for 15 million students, and stronger social protection for 12.5 million people.
The government aims to create 4 million additional jobs, broaden access to the internet, and raise capital for Filipinos through the World Bank's new Country Partnership Framework (CPF) for the Philippines.
In the next six years, the Department of Finance (DOF) said the CPF will increase internet access among 19 million Filipinos as well as finance key private sector projects with a $2 billion fund.
The CPF states the nation's greatest challenges and suggested solutions, including financing options that will be finalized by continued interaction between the government, stakeholders, and the World Bank. The international institution stated the success of the CPF will be gauged by 'well-defined and focused outcomes'.
"By linking the CPF to the President's vision, we make sure that development financing serves our most important needs and brings real impact in enhancing the lives of the Filipinos", Finance Secretary Ralph Recto said.
World Bank Vice President for East Asia and Pacific Manuela Ferro said the CPF seeks to enhance the disaster resilience, education, health, and digital connectivity of the country. In so doing, she added, more employment opportunities will be provided.
"The CPF is set to enable the Philippines to capitalize on this good impetus in order to generate more jobs for its youth, improve resilience to shocks, continue to bring down regional disparities, and invest in education and health", Ferro said.
The World Bank hopes the CPF will deliver improved healthcare for 19 million Filipinos and quality education for 15 million students. It also anticipates enhanced social protection programs for 12.5 million people and stronger protection for 13 million vulnerable people against climate change.
