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PH is World Bank's fifth biggest borrower in 2023

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="World Bank Headquarters, Philippines. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/04/29/20150412-world-bank-jc-4452.jpg"/><figcaption>World Bank Headquarters, Philippines. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA -- The Philippines jumped to fifth place from seventh in the list of largest borrowers from the World Bank, according to the multilateral lender’s annual report for 2023. </p><p>In its 2023 annual report, the Bank said the Philippines has $2.336 billion in approved loans from the International Bank for Reconstruction and Development (IBRD), which is part of the World Bank Group.</p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="World Bank Annual Report 2023 " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/10/04/wb-report-23.png"/><figcaption>World Bank Annual Report 2023 </figcaption></figure></div><p>India was the World Bank&#x27;s top borrower with $4.32 billion in loans, followed by Turkey with $3.881 billion.</p><p>They were followed by Indonesia, which had $3.25 billion in loans, and Ukraine with $3.133 billion.</p><p>In January, the WB lent the Philippines <a href="https://news.abs-cbn.com/business/01/31/23/world-bank-lending-600-m-to-ph-for-financial-resiliency">$600 million</a> to support country’s financial sector and boost its pandemic recovery. </p><p>The country also took out a <a href="https://news.abs-cbn.com/news/03/29/23/ph-hopes-to-reduce-stunting-by-8-pct-with-world-bank-loan">P10-billion</a> loan from the World Bank for its Philippine Multi-sectoral Nutrition Project (PMNP), through which it hopes to reduce stunting among children.</p><p>In June, the lender also approved a a <a href="https://news.abs-cbn.com/business/06/14/23/world-bank-lends-750-m-to-ph-for-clean-energy-climate">$750 million</a> (P41.9 billion) financing to boost the Philippines&#x27; environmental protection and climate resiliency reforms.</p><p>The Philippines also signed a <a href="https://news.abs-cbn.com/business/07/10/23/ph-world-bank-sign-600-m-loan-for-agri-fisheries">$600 million</a> loan deal with the World Bank to boost the agriculture and fisheries sector in the country in July for the Philippine Rural Development Project (PRDP) Scale-Up program.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/30/23/wb-approves-600m-loan-to-ph-for-digital-tech-e-commerce">WB approves $600M loan to PH for digital tech, e-commerce</a></li></ul><p>In its report, the World Bank it is also working on infrastructure projects like the Metro Manila Flood Management Project.</p><p>&quot;The Metro Manila Flood Management Project is improving the city’s drainage infrastructure, establishing flood-prevention systems, and relocating informal settler families,&quot; the lender said.</p><p>&quot;In the Philippines, our engagement in Mindanao brought together groups<br/>engaged in conflict to collectively allocate resources and solve problems,&quot; the World Bank added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/02/23/ph-growth-seen-at-56-pct-this-year-among-fastest-in-region">World bank sees PH growing 5.6 pct in 2023, among fastest in region</a></li></ul><p>The Philippines has been borrowing heavily from local and foreign lenders since the start of the COVID-19 pandemic. </p><p>In 2019, the Philippines was not even among the top 10 borrowers from the World Bank. However in 2020, when the pandemic hit, the country became the Bank’s number 2 borrower behind India. </p><p>In 2021, the Philippines even became the Bank’s number 1 borrower with over $3 billion in loans. This followed the year when the country implemented one of the strictest pandemic lockdowns which saw the economy shrink 9.6 percent–the worst of any major ASEAN economy. </p><p>The borrowing trend has continued, which has seen the Philippines’ sovereign debt further increase in August to a new record of P14.35 trillion.</p><p>A lawmaker earlier said that the government plans to borrow another P2.46 trillion to partly fund the P5.768 trillion national budget for next year.</p><p>Philippine economic managers however have said that the rising debt was manageable.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/02/23/ph-debt-rises-to-p1435-trillion-in-august-as-peso-weakens">PH debt rises to P14.35 trillion in August as peso weakens</a></li>	<li><a href="https://news.abs-cbn.com/business/09/19/23/govt-to-borrow-p246-trillion-for-2024-budget-quimbo">Gov&#x27;t to borrow P2.46 trillion for 2024 budget: Quimbo</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2763875" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippines is the World Bank's fifth biggest borrower in the 2023 fiscal year.