Finance Secretary Ralph Recto said the World Bank group has committed to boosting the Philippine agriculture sector and human capital development.

In a statement on Thursday, the Department of Finance (DOF) said the World Bank made the commitment during a high-level dialogue with top officials of the World Bank Group (WBG) in Washington DC on Oct. 22.

The meeting took place on the sidelines of the WB – International Monetary Fund Annual Meetings held in Washington DC from Oct. 22 to 25.

During the meeting led by Regional Vice President for East Asia and the Pacific Manuela Ferro, the WBG committed to continue supporting projects that aim to increase Filipino farmers’ productivity and income.

The World Bank also committed to helping the Philippines modernize its agriculture sector to make it more commercially viable and export-oriented.

Recto welcomed the bank’s assistance, noting that accelerating the expansion of the agriculture sector would help further reduce inflation and boost the country’s economic growth.

During the meeting, the WBG reaffirmed its support for the country’s human capital development, especially in education.

The World Bank also recognized that investor confidence in the Philippines remains strong on the back of business-friendly reforms.

Recto said the Philippines has great potential to integrate into the global supply chain of high-value manufacturing, especially in the semiconductor industry.

He also urged the World Bank to provide more assistance in strengthening the country’s cybersecurity, as well as grants and technical assistance for project preparation to improve the delivery of WBG-funded projects.

Recto, likewise, reiterated his call for the WBG to provide more concessional financing.

The World Bank, on the other hand, said its Board recently approved the introduction of grace periods in paying commitment fees and the removal of prepayment premiums.

It also said that another package of pricing reform is under discussion that would further reduce borrowing costs.

The DOF said the World Bank assured that the Philippine government’s priorities would be reflected in the new Philippine country partnership framework for 2025 to 2028.

As of June, the World Bank’s International Bank for Reconstruction and Development (IBRD) is the Philippines’ third-largest official development assistance (ODA) partner, with a total ODA amounting to USD8.84 billion.

This represents 18.8 percent of the Philippines’ total ODA. (PNA)