Support for World Bank oaths for the development of the Philippines “Post-pandemic recovery In the Philippines, strong domestic demand has caught global headwinds. Since 2022, its economy has been growing rapidly, aided by a significant reduction in Covid-19 cases facilitating a full economic reopening,” he said. MANILA, Philippines-Philippine economy is recovering from the Covid-19 pandemic as the Marcos administration supports efforts to promote sustainable growth. World Bank Director-General of Operations Anna Bjerde during a courtesy visit to cabinet members in Malacañang last Tuesday, by 2040 the government's year to 2040. reiterated its "strong support" for the government's vision to become a "prosperous, inclusive and poverty-free society".From the Presidential Office of Communications . “Post-pandemic recovery In the Philippines, strong domestic demand has caught global headwinds. Since 2022, its economy has been growing rapidly, aided by a significant reduction in Covid-19 cases facilitating a full economic reopening,” he said. “The World Bank is determined that the Philippines is committed to achieving long-term inclusive and sustainable growth, achieving upper-middle-income country status and eventually becoming a predominantly middle-class society by 2040,” he added. Bjerde said the World Bank is committed to supporting the Philippines' development agenda, including climate change, renewable energy transition, food and agriculture, water and sanitation, innovation and digitalisation. The Philippines are among those hardest hit by climate change, and protecting the poor and vulnerable from disasters will remain part of the World Bank's priorities in the country, he said. He said climate shocks in the form of strong typhoons or slow-onset trends such as temperature rise, biodiversity loss, land and forest degradation will hamper economic activity, damage infrastructure and hurt the poor and vulnerable the most. “We welcome opportunities to support the country's climate adaptation and mitigation programs to address these challenges,” he said. The Washington-based multilateral lender also agreed to support priority areas in the government's Philippine Development Plan 2023-2028. The plan aims to “bring the country back on a high-growth trajectory” and “enable economic and social transformation for a prosperous, inclusive and resilient society.” It is anchored in Ambition Natin 2040, which aims to make the Philippines a prosperous, high-confidence and middle-class society where people are lifted out of poverty and people are healthy and educated. According to the PCO, the World Bank noted the "excellent" progress in the implementation of the Philippines' ongoing projects. “Given the Philippines' young and talented workforce and sound macroeconomic policies, it noted opportunities to further increase investment and long-term growth,” the PCO said. The meeting also discussed a teacher activity and competence development project designed to improve teaching quality and access in kindergarten 6th grade in the Bangsamoro Autonomous region of Muslim Mindanao, Zamboanga Peninsula and Soccsksargen; and the Philippine Rural Development Project Scale-Up, which aims to develop farmers and fisherfolk Increase access to markets and revenue from selected agricultural and fisheries value chains. According to the PCO, the World Bank - International Bank for Reconstruction and Development is the Philippines' third-largest official development aid partner, with active loans and grants of approximately $6.8 billion. The amount accounts for 21.2 percent of the country's total ODA. . During the meeting were World Bank Regional Vice President for Regional and Pacific Manuela Ferro, World Bank Director for Philippines Ndiamé Diop, Socioeconomic Planning Secretary Arsenio Balisacan, Energy Secretary Raphael Lotilla, Public Works Secretary Manuel Bonoan. Budget Secretary Amenah Pangandaman and PCO Secretary Cheloy Garafil.- Delon porcalla Gotopnews.com