The Philippines and the World Bank Group (WBG) are exploring ways that will deepen their development cooperation and further align the country’s new partnership framework with key priorities of the administration.
In a social media post yesterday, the Department of Finance (DOF) said Secretary Ralph Recto met with WBG officials, led by regional vice president for East Asia and the Pacific Manuela Ferro on the sidelines of the WBG and the International Monetary Fund Spring Meetings in Washington on April 15 to 21.
Recto emphasized the DOF’s focus on digitalization to improve tax collection efficiency, given the rise of e-commerce.
The DOF also noted the government aims to speed up the rollout of flagship infrastructure projects and boost energy resources to transition to clean energy.
It is also increasing its investments in human capital through programs like feeding for the children as well as technical and re-skilling training for workers to improve the labor force.
According to the DOF, the World Bank pledged support for these initiatives and offered assistance in the agriculture sector to improve productivity and address food security, while reducing emissions through technological practices.
Meanwhile, the DOF said in a separate statement Recto also engaged with top executives of Washington-based international strategic advisory firms to discuss potential collaboration in strengthening the Maharlika Investment Fund (MIF) and improving digitalization efforts in revenue generation.
McLarty Association vice chairman John Negroponte and Ankura chairman for Latin America & Caribbean Fernando Batlle extended their support to the MIF by offering strategic advisory services to improve management, enhance investor participation and attract more investments into the fund.
Both executives offered their assistance to the DOF in enhancing its digitization systems to combat tax fraud and optimize tax collection efficiency.
Recto welcomed the firms’ eagerness to assist the government in its digitization initiatives and in ensuring that the MIF fulfills its overarching objectives, drawing from their extensive practical experiences in various countries over the years.
A delegation from McLarty and Ankura is expected to visit the Philippines soon to further discuss partnerships on the said key areas, the DOF said.
Recto also took part in the PH-US Business Forum in Washington.
