MANILA — The World Bank has approved an $800-million Development Policy Loan (DPL) to help the Philippines strengthen fiscal resilience, attract higher-quality private investment, and equip its workforce with skills for more productive jobs.

In a statement on Friday, the World Bank said the Philippines Growth and Jobs DPL supports reforms aimed at strengthening fiscal management, improving opportunities for private investment and innovation, and building labor-force capabilities.

“These will be achieved through revenue and expenditure reforms; lowering the cost of doing business and promoting competition and investment; and reforms in skills, education, and innovation,” the statement said.

The loan will also be used to enhance domestic resource mobilization, improve the efficiency of public spending, streamline regulations, reduce compliance costs for firms, and encourage private sector participation and foreign direct investments in key sectors.

“The World Bank is proud to continue supporting the Philippines’ priorities — turning strong growth into more and better-paying jobs. By strengthening fiscal foundations, improving the business climate, and investing in human capital, this effort will unlock private investment and equip people with the skills they need to find jobs and thrive,” said Zafer Mustafaoğlu, World Bank Division Director for the Philippines, Malaysia, and Brunei.

He added, “The result: quality investments, higher productivity, and real pathways to better livelihoods, especially for young people and women.”

The reform program will be implemented by various government agencies, including the Department of Education, the Department of Finance, the Department of the Interior and Local Government, the Securities and Exchange Commission, and the Technical Education and Skills Development Authority.

“These reforms aim to crowd in private investment, create more and better jobs, and drive the Philippine economy toward more sophisticated, higher-value activities,” said World Bank senior economist Jaffar Al‑Rikabi.

Finance Secretary Frederick Go described the loan as a “strong vote of confidence in the Philippines’ growth path,” emphasizing the government’s commitment to fiscal discipline.

“Part of what makes this financing so important is our firm commitment to fiscal discipline, ensuring that every peso is spent wisely to create jobs, support businesses, and strengthen public services for the benefit of all Filipinos,” Go said. “I thank the World Bank for their continued partnership in helping the Philippines achieve its growth and development goals.”

(PNA)