Here’s a tangible return for all the grants.
Finance Secretary Carlos Dominguez III is all too thankful for the World Bank, which he managed to make clear during this year’s spring meetings in Washington, D.C.
The Cabinet man hailed World Bank in front of all its member-states for all the help it has extended to the Philippines, proudly announcing that all their loans for development projects have brought the country into higher middle-income tier by the end of 2019.
The global lender provides financing for human capital development, disaster risk management, education, transport, environment and energy programs.
The Philippines was setting sights on a more prosperous economy by 2022, so the earlier achievement is certainly good news.
“For many decades, the World Bank helped many emerging economies achieve sustainable development. This year, as the Bank celebrates its 75th year, we are proud to announce that the Philippines will achieve the status of an ‘upper middle-income’ nation ahead of schedule,” Dominguez said.
“The Bank shares much credit for this achievement.”
The next goal: turn the Philippines into a high-income economy by 2040.
What a tall order!