[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-112043-en":3,"doc-seo-112043-105":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},112043,7971461741311,"Ophelia","https://ap-avatar.wpscdn.com/avatar/74000253aff267980c6?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779345379180704826",8,"Research & Report","World Bank Governor's Statement No. 11 - Statement by the Hon. Ralph G. Recto, Governor of the IBRD for the Philippines - October 25, 2024","Ralph G. Recto, Governor of the IBRD for the Philippines, presents the World Bank Governor’s Statement No. 11 on the Philippines’ post-pandemic recovery and macroeconomic progress. The statement highlights fiscal consolidation, declining unemployment and inflation, and poverty reduction, while outlining next steps such as finalizing the Philippines’ Country Partnership Framework 2025–2028. It urges the World Bank to adopt more agile, flexible financing, improve concessional terms, and support innovative solutions to address geopolitical tensions, fragility, climate change, protectionism, and global growth risks.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 11  \nOctober 25, 2024  \nStatement by the Hon. RALPH G. RECTO, Governor of the IBRD for THE PHILIPPINES  \nStatement by the Hon. Ralph G. Recto,  \nGovernor of the IBRD for the Philippines  \nOver the past years, the Philippines spared no effort to bounce back strongly from the pandemic and push its sustained and rapid growth faster and further.  \nWe put forward a fiscal consolidation plan that is both prudent and responsive to external developments, such as high interest rates in the past two years and geopolitical tensions. The encouraging news is that we are on track to gradually reduce our deficit and debt in a realistic manner—while creating more jobs for our people, increasing incomes, and reducing poverty.  \nBeyond our strong macroeconomic fundamentals, Filipinos feel and see our economic progress. Since President Marcos Jr. took office, we have grown at an average of 6. 1%—among the fastest in the region.  \nUnemployment continues to decline, surpassing pre-pandemic levels. The majority of our workforce is now engaged in stable, formal jobs—proof of an expanding middle class ready to drive consumer demand.  \nAdditionally, our inflation rate has steadily decreased, reaching its lowest level in four years. Our whole-of-government efforts, such as the reduction of rice tariffs, among others, are expected to keep inflation within our target band for the next two years.  \nWith our favorable domestic inflation outlook, the Philippine Central Bank was the first in ASEAN to start its monetary policy easing, creating an even more conducive environment for growth.  \nMore importantly, we successfully lifted 2.5 million Filipinos out of poverty in 2023, dropping our poverty rate to 15.5% . This brings us closer to our goal of elevating 8 million more Filipinos above the poverty line in the next four years, or reducing the poverty rate to only 9% by 2028.  \nThe World Bank shares much credit for these achievements. But while much has been accomplished, much remains to be done to deliver even more impactful projects and programs that uplift the lives of every Filipino.  \nThus, we are eagerly looking forward to the finalization of the proposed Philippine Country Partnership Framework 2025-2028 with the Bank, and we trust that it will align seamlessly with the Philippine Development Plan 2023-2028 while addressing the rapidly evolving global landscape.  \nAt the same time, the Philippines calls on a more agile and strong-willed World Bank to help us address the factors that threaten to curtail global growth and induce further poverty, inequality, and hunger. These are the ill effects of worsening geopolitical tensions, fragility and conflict, climate change, increased protectionism, and a high interest rate environment, among others.  \nWe view these challenges with much concern as any slowdown in the global economy brought about by these uncertainties and new economic realities is bound to hit developing countries the hardest.  \nWe fear that traditional tools for addressing such issues may prove inadequate, particularly in light of disruptions in business models driven by technological advancements, trade wars, geopolitical shifts, and changes in supply chain dynamics.  \nThus, the Philippines urges the World Bank, as the global knowledge bank, to re-evaluate conventional interventions and prioritize bold, innovative solutions that position the institution at the forefront of the global economic landscape.  \nTo better respond to the needs of its member countries, we encourage the Bank to demonstrate further flexibility in scaling up its development financing packages in an operationally efficient manner and aligned with country context.  \nWe also emphasize the pressing need to finalize the discussion on improved and more concessional financing terms for the International Bank for Reconstruction and Development (IBRD) .  \nWe encourage the Bank to pr","cbCaimC0JoaYk5g1","https://ap.wps.com/l/cbCaimC0JoaYk5g1","pdf",246548,1,4,"English","en",105,"# Governor's Statement No. 11\n## Philippines’ recovery and macroeconomic indicators\n## Poverty reduction and policy direction\n## World Bank priorities and financing requests\n## Cooperation needs amid global risks","[{\"question\":\"What progress does the statement cite for the Philippines since the pandemic?\",\"answer\":\"It highlights stronger recovery, a fiscal consolidation plan, declining unemployment, and steadily decreasing inflation, supported by whole-of-government measures.\"},{\"question\":\"Which poverty targets does the statement mention?\",\"answer\":\"It notes that 2.5 million Filipinos were lifted out of poverty in 2023, and it aims to elevate 8 million more above the poverty line over the next four years, targeting a poverty rate of 9% by 2028.\"},{\"question\":\"What does the Philippines urge the World Bank to do next?\",\"answer\":\"It asks for greater flexibility and scaling of development financing, improved and more concessional IBRD financing terms, and enhanced grants and technical assistance for green initiatives, alongside stronger multilateral 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