Hanoi (VNA) – The World Bank (WB) has approved an 800-million-USD loan for the Philippines to help strengthen fiscal management, attract higher-quality private investment, and equip the workforce with skills needed for more productive and better-paying jobs.
In a statement released on March 14, the bank said the Philippines Growth and Jobs Development Policy Loan supports reforms aimed at boosting economic growth and improving employment opportunities.
By strengthening fiscal foundations, improving the business environment and investing in human capital, the programme is expected to help unlock private investment while equipping people with the skills necessary to secure employment and advance their careers, the WB’s Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu said.
According to WB senior economist Jaffar Al-Rikabi, the reforms are designed to draw stronger private investment inflows, create more and better jobs, and help shift the Philippine economy toward higher-value and more sophisticated activities.
The WB noted that the support comes as the Philippines’ gross national income (GNI) per capita has approached the threshold for upper middle-income status after remaining in the lower middle-income group since 1987.
According to the WB’s classification, the Philippines currently records a GNI per capita of around 4,470 USD, just 26 USD below the minimum threshold of 4,496 USD required to qualify as an upper middle-income economy. The updated classification is expected to be released in July 2026./.
