Skip to content

Philippines Today

home of the Global Filipino

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

World Bank doubles loans to RP

Posted on August 9, 2007

PHILIPPINE NEWS SERVICE — The World Bank has committed to more than double the financial assistance to the Philippines to as much as $1.7 billion over the next two years from $805 million in 2006 and 2007.

The multilateral lending agency also extended its country assistance strategy to the Philippines by another year to June 2009 instead of June 2008.

The country’s improved fiscal performance resulted in a substantial increase in the bank’s support to $410 million in 2006 and $395 million this year from the previous level of $100 million to $200 million a year.

The bank’s investment arm International Finance Corp. has also committed to increase assistance to $200 million from the proposed $130 million for fiscal year 2007.

The extended assistance strategy for the Philippines focuses on economic and social growth as the bank acknowledges that the two aspects of the reform agenda are inseparable.

Jehan Arulpragasm, World Bank Philippines acting country director, said in a statement that maintaining sound fiscal policy remained vital in achieving the twin development goals of economic growth and social inclusion.

“Sustained economic stability is key to achieving the twin objectives of the extended CAS. The payoffs from recent fiscal reforms should serve as an inspiration for perseverance on this critical agenda. We have seen significant progress in the last two years in spite of the complex and dynamic political environment,” Arulpragasm said.

The Philippines experienced a fiscal slippage in the first half of the year after its budget deficit widened 30.1 percent to P41 billion from P31.5 billion a year ago due to weaker-than- expected revenue collections. The deficit was P9.7 billion more than the programmed shortfall of P31.3 billion.

Government revenues fell to P431.79 billion in the first semester this year, down 3.35 percent from P417.77 billion a year ago.

The tax take of the Bureau of Internal Revenue inched up 5.1 percent to P331.9 billion from P318.4 billion but P38.6 billion short of the programmed collection of P370.8 billion.

The Bureau of Customs collected P92.2 billion, down from P94.7 billion and P13.1 billion lower than the goal of P105.3 billion.

Arulpragasm said the need for fiscal reforms, particularly in regaining positive momentum on the tax effort, would reduce the risks to macroeconomic stability and generate the resources to deliver much-needed social and infrastructure services.

“The challenge for the next few years will be to build on recent fiscal reform progress and extend the reform commitment to areas where there has been less progress in recent years. Decisive steps to strengthen tax administration will, therefore, be one of the major challenges,” he said.

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