User:JedMatias/Philippines and the World Bank

Overview
After becoming one of the members of the IBRD in 1945, the Philippines became a member of the International Development Association (IDA) in 1960. Two years later, the International Finance Committee (IFC) established the Private Development Corporation of the Philippines to help spur extensive private investment. By 1994, the Philippines became a member of the Multilateral Investment Guarantee Agency (MIGA). From 2015 to 2018, the Philippines and the World Bank engaged in the Country Partnership Strategy to create better jobs, increase shared prosperity, and eradicate extreme poverty.

The World Bank works with the Local Government Finance and Development Project (LOGOFIND) that assists in the development of infrastructure and public services as it is to promote a development in employment, lifestyle, and reducing the huge amount of poverty. In 1979, the World Bank launched 'programme loan' in which the World Bank tested their involvement in giving assistance to corporate allies and transnational corporations while without forcing any autonomous policies in which these loan only divert their attention it specific sectors of the Filipino economy such as agriculture and finance.

Notable Projects
Roughly half of World Bank projects in the Philippines have centered around rural infrastructure, private sector infrastructure, climate change, and civic engagement. The Binga Power Project in 1957 marked the first World Bank Project in the Philippines. The project helped satisfy demand for electricity on the island of Luzon by providing four 25 MW generators, a rock filled dam that stores a reservoir, a 90 meter wide spillway that handles flood water, an underground powerhouse with surge chambers, and a pressure tunnel to deal with water flow. In 1966, the World Bank/IBRD committed $25 million for the Private Development Corporation of the Philippines Project 2, which provided loans to stimulate productive private enterprises. The Magat River Multipurpose Project in 1978 was the most expensive project of the 1970s at $150 million and provided a dam, tunnels, and reservoir resettlement. After continued development throughout the 20th century and into the 21st century, the Philippines suffered a setback in 2013 when Typhoon Haiyan struck. The World Bank stepped in and contributed $500 million for recovery efforts. In line with its history of attempting to reduce poverty, the Philippines most recently accepting a $300 million loan for the Pantawid Pamilyang Pilipino Program, a conditional cash transfer program.

The World Bank's other projects is their commitment for civil engagement such as children development, migration, and employment. The Department of Social Welfare and Development and the Department of of Education, Culture, and Sports has had their objective to promote the mental health and stability from children by covering around 2.7 million children in three regions costing $51 million for the research and service delivery cost. The Department of Labor and Employment are licensed to assist oversea workers as migrant management is an issue for the Philippines as around 8.2 million Filipinos are abroad with around 75,000 Filipinos in deployed oversea labor monthly in which programs have been funded $200 million that supports pre-departure orientation and public services. The Philippines have low-paid jobs that projects from 2010 focuses on the improvement of the accessibility of the labor market, fixing minimum wage, and making job programs cost-effective.

In 2021, Fisheries and Coastal Resiliency Project gives funds around $3 million for the Department of Agriculture–Bureau of Fisheries and Aquatic Resources to help the fishing industry improve in its management of its resources and to enhance production and gain access from [https://www.energy.gov/scep/slsc/financial-institutions#:~:text=Government%20financial%20institutions%20can%20include,began%20with%20government%20financial%20institutions. Government Financial Institutions]. It will also improve conditions of the fisherman, aquaculture farmers, and fishery-based enterprises by assisting them in marketing their products such as using digital marketing. The Environmental and Social Management are to monitor this project to prevent any harm to the ecosystem of the aquatic life and to ensure the positive livelihood and improvement for these farmers.

Effects and Controversy
In the 21st century, World Bank intervention in the Philippines has improved social and living conditions. The Philippine Rural Development Project of 2015 raised rural incomes, increased agricultural productivity, and improved market access in rural areas. The effects go beyond rural infrastructure. From an educational perspective, the Learning, Equity, and Accountability Program Support (LEAPS) benefitted 4.4 million students and recorded improvements in the reading and math scores of students in Grades 2 and 3.

World Bank intervention in the Philippines has also been met with controversy. The World Bank has been criticized by the Committee for the Abolition of Illegitimate Debt for its role in funding the regime of Ferdinand Marcos. Structural adjustment loans given to the Philippines mostly ended up in the hands of the Marcos administration instead of being used to fund export-driven industrialization, with the corruption fueling a banking crisis that discouraged foreign private investors from investing in the Philippines.

As countries continue to develop from the assistance of the World Bank, many new International Financial Institutions were developed. In 1966, the Asian Development Bank was established with the goals of eradicating extreme poverty and promote development in the region of Asian and the Pacific similar to the goals aimed from the World Bank. This is an effect of countries within a region developing further to create their own institutions to reduce influence from other institutions. The criticism the World Bank deals with also leads new global institutions to be made. The Asian Development Bank created the 2009 Philippine Energy Efficiency Project to help the citizen reduce their energy household cost as it took a large portion of their income to the electricity tariffs. This project would cost $46 million to establish 13 million compacted fluorescent lights and having energy-efficient lights in government offices and other public building.