Skip to content

Philippines Today

home of the Global Filipino

Menu
  • News Stories
  • Regional News
  • Business & Economy
  • Science & Technology
  • International
Menu

Top World Bank official gives PHL ‘good job’ praise at APEC meet

Posted on September 11, 2015

LAPU-LAPU CITY, Cebu, Sept. 11 (PNA)‎ — A top World Bank official on Friday gave the Philippines a pat on the back saying it has done a “good job” in five areas.

At a press briefing on the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting held here, Axel van Trotsenburg, World Bank Vice President for East Asia and the Pacific Region, on Friday said the areas are:

1. Management of people’s money

“In the APEC context, best practices include fiscal transparency. The Philippines has been a leader in this,” van Trotsenburg said.

2. Getting more private companies in public infrastructure development

“In many economies, public sector dominates infrastructure. And they struggle to get the private sector to participate,” said van Trotsenburg.

But, for him, the Philippines is a model economy for successfully implementing private business ventures.

“They can look at the Philippines’ public-private partnerships,” he noted. “In East Asia, the Philippines has more private sector participation.”

3. Disaster-risk reduction and management

Due to experiences such as the super typhoon Yolanda (international name Haiyan) in 2013, the Philippines was able to find new ways to “build back better.”

4. Support for the poor

In terms of providing support for the poor, van Trotsenburg said the Philippines benefited from the experience of Mexico, Peru, and Colombia on the conditional cash transfer (CCT) program.

“Programs (such as the CCT) have shown…how to ease the situation of inequality,” he said. “To fight exclusion, you have to ensure that kids in disadvantaged situations have a fighting chance to succeed.”

In the Philippines and other Latin American economies, said van Trotsenburg, CCT had been scaled up quickly.

“There is a lot of transparency on this and active empowerment at the local level,” he said. “Conditional cash transfer programs have proven more successful in this.”

5. Overall economic management

On the Philippines’ overall economic management, van Trotsenburg said, “authorities have done a good job.”

“The Philippines allowed for prudent macroeconomic policies that have lowered the inflation rate,” he pointed out. “World economy has varying factors that influence economies positively or negatively. The Philippines has done relatively well.”

But the Philippines was not the only economy doing a good job addressing the “growth agenda.” East Asia has been a world leader of economic growth.

However, van Trotsenburg said, although an important precondition, simple growth was still not enough because it also had to be inclusive and sustainable.

“While poverty reduction in the region has been unprecedented, a lot of challenges remain,” he said.

With 100 million people in East Asia still living in extreme poverty, he said the real challenge was to make sure that these people also benefited from the growth.

“The World Bank has emphasized that growth benefits all, and in that context has emphasized that policy matters,” van Trotsenburg said.

According to him, it is very important for World Bank to join the APEC meetings hosted by the Philippines this year.

“The APEC setting is unique because it unites East Asia with key countries in the West,” he said. “As it unites Asia and the West, APEC allows for powerful exchange of knowledge and experiences across hemispheres.” (PNA)

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • More
  • Tumblr
  • Reddit

Related

News Categories

  • Announcement (34)
  • Business & Economy (1,567)
  • Comment and Opinion (74)
    • Random Thoughts (18)
  • Current Issues (425)
    • Charter Change (1)
    • Election (228)
    • Population (6)
  • International (389)
  • Life In Japan (66)
    • Everything Japan (41)
  • Literary (34)
  • Miscellaneous (610)
  • News Stories (5,312)
  • OFW Corner (297)
  • Others (75)
  • People (408)
  • Press Releases (163)
  • Regional News (3,362)
  • Science and Technology (502)
  • Sports & Entertainment (287)

Latest News

  • BSP keeps policy rates anew December 17, 2015
  • NEDA cuts PHL additional rice import for 2016 by 25% December 17, 2015
  • DA cites serious implications of banning genetically modified products December 17, 2015
  • BBL is not yet dead – Drilon December 17, 2015
  • Comelec recognizes Duterte’s CoC for president December 17, 2015
  • NEDA chief sees 2015 growth at 6% despite typhoons December 17, 2015
  • House of Representatives ratifies bicam report on P3.002-T national budget for 2016 December 17, 2015
  • Cebu-based developer invests PHP430M to build 709 townhouse units in north Cebu town December 17, 2015
  • City gov’t eyes P75-M income from economic enterprise December 17, 2015
  • Baguio City LGU presents traffic plan for holiday season December 17, 2015

Archives

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Science and Technology

  • DOST-ICTO targets 500,000 web-based workers from countryside by 2016
  • (Feature) STARBOOKS: A ‘makeover’ for librarians
  • Science, research reduce ‘cocolisap’ hotspot areas in PHL
  • Montejo to further improve PAGASA and empower scientists
  • 1st PPP in biomedical research produces knee replacement system fit for Asians

Press Releases

  • Microsoft to buy Nokia’s mobile devices business for 5.44-B euros
  • New World Bank climate change report should spur SEA and world leaders into action: Greenpeace
  • Save the Philippine Seas before it’s too late — Greenpeace
  • Palanca Awards’ last call for entries
  • Philippines joins the global call for Arctic protection

Comment and Opinion

  • Remembering the dead is a celebration of life
  • Killer earthquake unlikely to hit Panay Island in near future – analyst
  • It’s not just more fun to invest in the Philippines, it is also profitable, says President Aquino
  • How does one differentiate a tamaraw from a carabao?
  • Fun is not just about the place, it is also about the people, says DOT chief

OFW Corner

  • Ebola infection risk low in Croatia
  • Death toll rises to 41, over 100 still missing in landslide in India
  • Asbestos use in construction a labor hazard
  • 500,000 OFWs to benefit POEA on-line transactions — Baldoz
  • 25 distressed OFWs return home from Riyadh
©2025 Philippines Today | Design: Newspaperly WordPress Theme