World Bank Governor's Statement No. 8 - Statement by the Hon. Joven Balbosa, Temporary Alternate Governor for the Philippines - October 17, 2025

Jul 19, 2026

World Bank Governor's Statement No. 8 delivers the Philippines’ remarks by Hon. Joven Balbosa as Temporary Alternate Governor for the IBRD at the 2025 Annual Meeting. The statement thanks the World Bank Group for its platform and support since 1945, highlights economic resilience in 2025, and outlines priorities for inclusive, sustainable growth amid infrastructure gaps, inequality, and climate risks. It welcomes the 2025–2031 Country Partnership Framework, urges scaling up concessional and innovative instruments, and calls for financing review and pricing reforms to address debt vulnerabilities.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages3

Reading Time8 min

Opening and appreciation

Philippines’ development priorities

Economic outlook and transition challenges

Support since 1945 and ongoing engagement

Country Partnership Framework (CPF) 2025–2031

Structural challenges and financing asks

Innovative instruments, de-risking, and guarantees

Project preparation support (GFPP)

Closing commitments

Public Disclosure Authorized Public Disclosure Authorized World Bank Governor's Statement No. 8 October 17, 2025 Statement by the Hon. JOVEN BALBOSA, Temporary Alternate Governor of the IBRD for THE PHILIPPINES Statement by the Hon. Joven Balbosa, Temporary Alternate Governor of the IBRD for the Philippines Good morning, Mr. Chair, Governors, and colleagues. The Philippines extends its deepest appreciation to the World Bank Group for convening a successful Annual Meeting which serves as a platform for countries to continue the dialogue on the Bank’s mission to end extreme poverty and boost shared prosperity on a livable planet. For a developing country such as the Philippines, shared priorities of growth, jobs, and resilience are not abstract ideals but essential to ensuring that economic gains translate into tangible improvements in the lives of our people. In this regard, we value the Bank’s continued support to the Philippines in pursuing inclusive economic growth and sustainable development. Our country enters these discussions with cautious optimism, as the Philippine economy continues to demonstrate strength and resilience amid a challenging global environment. In the second quarter of 2025, our economy grew by 5.5 percent, maintaining our position as one of the fastest-growing economies in East Asia and the Pacific despite global volatility. We are poised to graduate to upper middle income country status soon, but we are also aware that this transition brings with it greater challenges: sustaining growth, bridging infrastructure gaps, reducing inequality, and strengthening our institutions. We are determined to confront these challenges head-on and ensure that progress is both inclusive and sustainable. We appreciate the Bank’s unwavering support since 1945. For over 80 years, we have worked hand in hand with the Bank to reduce poverty, generate more jobs, improve our education and health systems, human capital development and social protection, infrastructure, disaster and pandemic preparedness, as well as climate change adaptation and mitigation, among others. The World Bank today stands as the Philippines’ third largest official development assistance (ODA) partner, providing financing and knowledge to support our development objectives. Notwithstanding, we urge the Bank and the IMF to scale up its support to developing countries even as the Philippines transitions to UMIC status to help our nations navigate external and domestic headwinds, and remain responsive and agile to adapt to changing needs and emerging priorities. We also welcome the launch of the Bank’s Country Partnership Framework (CPF) for the Philippines for 2025–2031, providing a comprehensive commitment and partnership aligned with the Philippine Development Plan 2023-2028. The CPF’s focus serves as a testament of the Bank’s commitment to shape a future that is more inclusive, competitive and resilient in areas such as basic services, resilience, private sector job creation, and digital transformation. Further, we highlight that despite making progress, developing countries continue to face deep structural challenges. Limited fiscal space, infrastructure deficits, and the growing risks from climate events weigh heavily on our path to sustainable growth. The Bank must sustain and continue to expand its engagement, particularly by going beyond traditional financing and developing innovative instruments that can de-risk investments, catalyze private capital, and accelerate reforms, including in the form of guarantees, blended finance, and risk transfer solutions. We acknowledge the Bank’s involvement and collaboration as one of the main contributors in the successful implementation of our reform initiatives. Furthermore, we recognize the relevance and valuable contribution of the IBRD’s Grant Facility for Project Preparation (GFPP) which will provide the Philippines with crucial support in project preparation. The GFPP will enab

FAQs

What does the Philippines highlight about its 2025 economic performance?

The statement notes that the Philippine economy grew by 5.5% in the second quarter of 2025, showing strength and resilience despite global volatility.

Which World Bank initiative for 2025–2031 does the statement welcome?

It welcomes the launch of the World Bank’s Country Partnership Framework (CPF) for the Philippines for 2025–2031, aligned with the Philippine Development Plan 2023–2028.

What financing actions does the statement urge the World Bank and IMF to take?

It urges scaling up support and reviewing financing mechanisms to be more innovative and concessional, including support that helps address high debt vulnerabilities and advancing IBRD pricing reform Stage 2.

Jul 19, 2026

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