Philippines, World Bank looking into areas of cooperation in ‘Build, Build, Build’ program

September 13, 2017

Philippine officials led by Finance Secretary Carlos Dominguez III will sit down soon with World Bank representatives to explore ways of tapping the multilateral institution’s expertise in the Duterte administration’s planned rollout of 75 flagship infrastructure projects over the next five years under its "Build, Build, Build" program.

In a recent meeting with World Bank official Otaviano Canuto, Dominguez said  on top of enlisting the World Bank's support behind its 75 flagship projects, the Philippine government would also want to tap this multilateral institution's assistance in getting Marawi City back on its feet and in strengthening the infrastructure in the country’s east coast.

“We should rebuild these areas (in Marawi City). People will go back and live there, so the infrastructure should be good and sound. That’s certainly an area where we will need assistance. We welcome your expertise,” Dominguez told Canuto.

Canuto,  the executive director of the Executive Board of the World Bank Group and Its Affiliates, said the Bank can help in Mindanao, where its experience and expertise “is unmatched,” particularly in the area of education.

Dominguez informed Canuto the Duterte administration is “determined to close the Philippines’) infrastructure gap,” which will require funding of around $170 billion over the next five years.

“We are coming from a long period when we under invested in infrastructure as compared to our neighbors,” Dominguez said. “We have announced our major program is to reduce poverty and (one of) the tools to be used is building a lot of infrastructure. There’s a wide open field for your engagement on those areas.”

Canuto said the World Bank can provide assistance in tapping the necessary skills and expertise to help the Philippines improve the design and implementation of its infrastructure program.

In the meeting, Canuto also commended the Philippine government for spearheading a tax reform program, which, he said “is a template for a lot of countries.”

“It’s very good to highlight what the Philippines is doing in the area of tax reform. We will use what has happened here as an (example) for other countries,” he said. DMS