Newly appointed Finance Secretary Frederick D. Go began his term with a courtesy meeting with World Bank (WB) Regional Vice President for Asia and the Pacific, Carlos Felipe Jaramillo, to discuss the Philippines’ key priorities and strengthen the ongoing partnership with the Bank.
The discussion, held on Secretary Go’s first day in office, centered on the Philippine government’s commitment to advancing its development agenda. The parties focused on utilizing the World Bank’s support through financing, technical assistance, and disaster-risk solutions.
Vice President Jaramillo affirmed the World Bank’s full support for the country, specifically in initiatives aimed at improving employment conditions and enhancing national disaster resilience.
Secretary Go expressed his gratitude for the WB’s critical financing support, particularly the Disaster Risk Management and Climate Development Policy Loan with a Catastrophe-Deferred Drawdown Option (Cat-DDO). This facility provides the government with readily accessible funds during natural disasters.
In response to recent typhoons that have affected the country, the Philippines is preparing to withdraw USD 500 million under the Cat-DDO facility. This funding is crucial for supporting the immediate response and recovery financing requirements following the devastation.
Secretary Go was accompanied by International Finance Group (IFG) Undersecretary Joven Z. Balbosa and Assistant Secretary Donalyn U. Minimo. The World Bank delegation included Division Director Zafer Mustafaoglu, Operations Manager Dandan Chen, Operations Officer Rommel Herrera, and Lead Economist Gonzalo Varela.
