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                                       Republic of the Philippines

                               Country Partnership Strategy FY15-18

                                            Chair Summary*

                                              June 12, 2014

        Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Strategy
(CPS) (R2014-0108[IFC/R2014-0168, MIGA/R2014-0036]) for the Republic of the Philippines
for the period FY15-18.
        Directors welcomed the alignment of the new CPS with the 2011-2016 Philippine
Development Plan and supported the CPS goals – to reduce poverty, promote shared prosperity
and inclusive growth –which align well with the World Bank Group goals. They welcomed the
introduction of selectivity criteria, noting that these and the use of the full range of World Bank
Group instruments will need to be systematically implemented to maximize the impact,
transformational and innovative nature of the WBG program. They recognized that the
Philippines is vulnerable to natural disasters and welcomed the introduction of a dedicated
engagement area to support climate change and disaster risk management while also calling for
private sector involvement and on learning from previous experiences and other partners on
appropriate interventions.
        Directors noted that while the Philippines posted respectable growth over the past decade,
growth did not translate into significant and sustained poverty reduction. They welcomed the
preliminary data for 2013 that shows a reduction in poverty between 2012 and 2013, and
underscored the importance for the Government to undertake further analysis of the Philippine
poverty – growth dynamics and inequality, including overcoming challenges related to data
collection and analysis. They welcomed the Government’s focus on inclusive growth, and
recognized WBG efforts to scale up support to Mindanao following recent progress in the peace
process. They noted the importance of remittances to the Philippine economy and investment
opportunities to job creation and urged improved productivity in the agriculture sector, as well as
enhancing the prospects for regional integration.
        They reiterated the importance of governance, partnership and knowledge to the overall
program, given that the World Bank Group will remain a relatively small financial player
compared to overall government and private sector resources. They welcomed the enhanced
focus on working as “One World Bank Group” through systematic coordination and joint
activities in key sectors, including agri-business, finance, trade logistics and water and sanitation.
Similarly, they appreciated the strong engagements with civil society and encouraged their
further participation and contribution to the achievements of the CPS.



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*This summary is not an approved record.