[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110780-en":3,"doc-seo-110780-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110780,2336464648746,"Skyler","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","WBG Governor's Statement No. 5 - Statement by CARLOS G. DOMINGUEZ","WBG Governor’s Statement No. 5 by Carlos G. Dominguez details the Philippines’ COVID-19 response anchored in financial readiness, tax reforms, and rapid access to emergency lending on concessional terms. It highlights multilateral collaboration among the World Bank, ADB, and AIIB that enabled vaccine procurement and supported the national vaccination rollout. The statement also outlines policy actions for MSME support, fiscal and monetary adjustments, and major tax measures, alongside infrastructure acceleration and ongoing priorities to sustain fiscal prudence and support recovery goals.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 5  \nOctober 14, 2021  \nStatement by the Hon. CARLOS G. DOMINGUEZ, Governor of the Bank for THE PHILIPPINES  \nStatement by the Hon. Carlos G. Dominguez,  \nGovernor of the Bank for the Philippines  \nThe fight against the COVID-19 pandemic was a challenge of resource mobilization. It was to our advantage that when the crisis hit, the Philippines was financially ready. President Rodrigo Duterte’s tax reforms passed since the start of his term in 2016 had strengthened our fiscal stamina.  \nOur solid financial position gave us the headroom needed to quickly access emergency loans with concessional rates to fight the pandemic. We thank the World Bank, the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) for providing us with the appropriate and timely financing support for our COVID-19 response and vaccine procurement efforts.  \nIn 2017, I broached a proposal for the three multilateral banks to collaborate in order to more effectively deliver development assistance and aid to countries in the Asia-Pacific region. This proposal has borne fruit and we saw this synergistic approach succeed in the Philippines’national vaccination program.  \nThe Philippines was able to bring together the World Bank, ADB, and AIIB under a joint financing arrangement for the purchase of vaccine doses that can inoculate a hundred percent of our adult population and teenagers by the end of this year. This collaboration was the first in the Asia-Pacific region and an excellent example of how harmonizing and consolidating development assistance among multilateral institutions can yield beneficial results. I urge the multilateral banks to replicate this successful collaboration in other aspects of delivering assistance to countries in the Asia-Pacific region.  \nIn the Philippines, things are moving in the right direction. COVID-19 infections are going down dramatically. We are now implementing a new targeted quarantine policy and the roll-out of a massive vaccination program is progressing well.  \nOur running total of vaccine supply has already reached 87.7 million doses as of October 11 and we have successfully administered 50.5 million shots as of October 12. A total of 23.5 million Filipinos are now fully vaccinated.  \nThe only thing holding us back to further accelerate the rollout of our vaccination program is the delivery of vaccine doses by the manufacturers. With reliable deliveries, we expect to achieve substantial population protection before the end of this year. This will allow us to fully reopen our economy and unleash the trapped energies of our enterprises.  \nWe fine-tuned our fiscal and monetary policies to enable our banks and government financial institutions to assist the pandemic-hit sectors, especially the micro, small and medium enterprises (MSMEs) . We infused more capital into our government-owned banks to  \nsubstantially expand their lending to businesses and offer this at lower interest rates. We enacted the Financial Institutions Strategic Transfer (FIST) Act that would enable our banking system to withstand the pressures of a major economic contraction and maintain its viability.  \nEven with the ongoing pandemic, we managed to stick to our goal of reforming the tax system to make it simpler, fairer, and more efficient. We passed the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which makes possible the largest economic stimulus program for enterprises in the country. This drastically cuts the corporate income tax rates from 30 percent to 20 percent for MSMEs and 25 percent for larger corporations. The law will allow us to implement more flexible incentives and non-fiscal incentives system that is targeted, transparent, time-bound, and performance-based.  \nAs we approach our demographic sweet spot, giving us one of the youngest workforces in the world, we aspire to deliver a rapidly growing and","cbCainsZRS19Qwin","https://ap.wps.com/l/cbCainsZRS19Qwin","pdf",272517,1,4,"English","en",105,"# Statement No. 5\n## COVID-19 crisis readiness and financing support\n## Multilateral collaboration for vaccine procurement\n## Vaccination rollout status and remaining constraints\n## Fiscal/monetary measures and tax reforms for recovery\n## Infrastructure, economic liberalization, and future priorities","[{\"question\":\"What enabled the Philippines to respond quickly when the COVID-19 crisis began?\",\"answer\":\"The Philippines had strengthened fiscal capacity through tax reforms and maintained solid financial positioning, allowing rapid access to emergency loans with concessional rates.\"},{\"question\":\"How did the World Bank, ADB, and AIIB contribute to the Philippines’ vaccination efforts?\",\"answer\":\"They coordinated joint financing for vaccine dose purchases, supporting the national vaccination program and setting a regional example of harmonized multilateral assistance.\"},{\"question\":\"What factors could still slow the vaccination rollout?\",\"answer\":\"The statement notes that progress depends on reliable vaccine deliveries from manufacturers; with dependable supply, substantial protection was expected before year-end.\"}]",1784487029,10,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"wbg-governors-statement-no-5-statement-by-carlos-g-dominguez","",{"@graph":35,"@context":84},[36,52,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":21},"https://docshare.wps.com/document/wbg-governors-statement-no-5-statement-by-carlos-g-dominguez/110780/",{"url":51,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"inLanguage":23,"description":14,"dateModified":60,"datePublished":61,"encodingFormat":59,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":40,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-07-22","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":20},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What enabled the Philippines to respond quickly when the COVID-19 crisis began?","Question",{"text":74,"@type":75},"The Philippines had strengthened fiscal capacity through tax reforms and maintained solid financial positioning, allowing rapid access to emergency loans with concessional rates.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How did the World Bank, ADB, and AIIB contribute to the Philippines’ vaccination efforts?",{"text":79,"@type":75},"They coordinated joint financing for vaccine dose purchases, supporting the national vaccination program and setting a regional example of harmonized multilateral assistance.",{"name":81,"@type":72,"acceptedAnswer":82},"What factors could still slow the vaccination rollout?",{"text":83,"@type":75},"The statement notes that progress depends on reliable vaccine deliveries from manufacturers; 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