THE Department of Finance (DoF) and the World Bank (WB)have agreed to shorten processing times on Philippine financing applications.
“The DoF and the World Bank agreed to collaborate in shortening the processing timelines between the two institutions, to hasten financing support for development projects in the country,” the DoF said in a social media post on Thursday.
Finance Secretary Frederick D. Go met with World Bank Managing Director of Operations Anna Bjerde on the sidelines of the 2026 International Monetary Fund (IMF)-World Bank Annual Meetings in Bangkok.
The meeting covered the World Bank’s financing portfolio in the Philippines, including development policy operations and catastrophe deferred drawdown options in the pipeline.
At a separate fireside chat at the annual meetings, World Bank Group President Ajay Banga stressed the need to mobilize more private capital to support development projects, noting that public financing alone is insufficient to meet growing investment needs.
“Public finance is critical because it has a role to play in this whole system, but because it’s inadequate, that’s when you need this other layer of capital to come in,” he said.
Mr. Banga also stressed the importance of regulatory certainty and predictability in attracting private investments to developing economies.
He said investors are more likely to invest in countries with predictable regulatory environments and fewer bureaucratic requirements.
“Last year, 25%, 26% of our financing went into helping countries change their regulations and systems for better governance (and) also for ease of doing business,” he added.
He said the bank is also working to expand investment guarantees, increase local-currency financing, and introduce other measures to attract more private capital to developing economies.
The Philippine delegation at the meeting with the World Bank also included Budget Secretary Kim Robert C. de Leon and Department of Economy, Planning, and Development Undersecretary Joseph J. Capuno. — Justine Irish D. Tabile