1945A Partnership is BornThe Philippines becomes one of the first members of the International Bank for Reconstruction and Development (IBRD). In the photo is a view of an area in Manila after the war.
Photo courtesy of J. Tewell
1957Boosting EnergyThe World Bank signs its first loan for a $21 million power project. The construction of the Binga Hydroelectric Power Plant helps keep up with the growing energy demand by generating more power supply in the island of Luzon.
1962Spurring Private Sector GrowthThe International Finance Corporation (IFC) of the World Bank Group sets up the Private Development Corporation of the Philippines to finance large-scale industry projects.
1976Hosting the Annual MeetingsThe Annual Meetings open in Manila and focus on getting more support from developed nations to help boost the growth of developing countries. One year later, IFC establishes its country office in the Philippines—its first outside Washington DC.
Photo courtesy of the Philippine International Convention Center
1986People PowerThe World Bank establishes a resident mission in Manila, in the same year that Filipinos troop to the EDSA highway in a peaceful people power revolution that ushered a new government.
Photo courtesy of Val Rodriguez/The Philippine Star
1994Expanding the PartnershipThe Philippines becomes a member of the Multilateral Investment Guarantee Agency (MIGA), which promotes foreign direct investments in developing countries by providing political risk insurance and credit enhancement to investors.
Photo courtesy of the Central Bank of the Philippines
1997An Evolving Country Assistance StrategyEconomic growth is sustained for the fourth consecutive year with significant poverty reduction and job creation. The Bank’s Country Assistance Strategy is reassessed from economic recovery in the 1980s to poverty alleviation and to help the country deal with the effects of the 1997-98 Asian financial crisis. The Bank also expanded its engagement with civil society through projects and consultations.
Photo courtesy of the Bangsamoro Development Agency
2002Building KnowledgeKnowledge for Development Centers (KDCs) are established in partnership with academic institutions across the country. The KDCs provide the public with access to the Bank's collection of knowledge and data and a venue for discussion of development issues.
2002Helping the Poor Help ThemselvesThe Kalahi-CIDSS Project empowers communities to identify and manage small infrastructure projects that fight poverty. The project is expanded in 2014 to better alleviate rural poverty and also help respond to the needs of communities affected by Typhoon Haiyan (Yolanda).
Photo courtesy of the Department of Social Welfare and Development
2005Facilitating a More Inclusive DialogueFrom holding donor-driven Consultative Group Meetings based in Paris, the Philippine government hosts the first country-led Philippines Development Forum in Davao City. Co-chaired by the World Bank, the forum further broadens participation in the country’s development dialogue by including more representatives from civil society, the academe, the private sector and members of legislature.
2007Supporting Energy Sector ReformsImproving power supply in Luzon, Magat is the first hydroelectric power plant to be privatized under the Electric Power Industry Reform Act of 2001 and the first merchant power plant to be financed in East Asia. With the help of foreign and local investors and IFC, the project enhances the availability of competitive power from a renewable source.
Photo courtesy of SN Aboitiz Power
2008Responding to the Global Food CrisisUnder the Bank’s Global Food Response Program, $200 million in budget support are approved to help the government protect poor households from rising food and fuel prices. Additional assistance was provided in 2010 to help the country recover from substantial damages brought about by typhoons Ketsana (Ondoy) and Parma (Pepeng).
2009Investing in Social ProtectionA conditional cash transfer program gets Bank support, using a national household targeting system. As part of the social welfare and development reform agenda, families receive cash subsidies if their children stay in school and get regular health check-ups, and pregnant mothers get proper prenatal and postnatal care.
2011Providing Innovative Financing for Disaster RecoveryThe Philippines gains immediate access to $500 million following tropical storm Washi (Sendong). The Disaster Risk Management Development Loan featured an innovative option which allowed the government to draw the funds when a national state of calamity was declared by the President.
2013-2014Supporting Reconstruction after Haiyan (Yolanda)The World Bank Group provides quick response in the wake of the typhoon through a package of financial and technical support. $500 million in budget support help fill the government’s financing gaps while the National Community Driven Development Project provides poor communities—including those affected by the typhoon—with basic social services.
2014Moving ForwardThe Country Partnership Strategy for 2015-2018 supports the government’s plan to promote inclusive economic growth that creates more and better jobs and reduces poverty. The new strategy supports the World Bank Group’s goals of ending extreme poverty and boosting shared prosperity.