The Philippines, through the Department of Finance (DOF), has backed the World Bank’s (WB) new job creation agenda towards generating employment and advancing the quality of jobs in emerging markets and developing economies (EMDEs), highlighting the government’s role in setting the stage for the market to flourish.

“In line with current Bank priorities and the theme [Jobs – The Path to Prosperity] of this year’s Spring Meetings, we acknowledge and support the Bank’s job creation agenda,” International Finance Group (IFG) Undersecretary Joven Balbosa said in his statement at the EDS15 Constituency Meeting on April 23, 2025 at WB Headquarters in Washington, D.C.

“While the private sector plays a huge role in job creation, it is essential to recognize the role of the public sector in laying the foundations through basic infrastructure, policies, and regulatory reforms, as preconditions for businesses to thrive,” he added.

According to the Bank, 1.2 billion of the youth will reach working age across EMDEs over the next decade. However, only 420 million jobs are expected to be created in that period which is why the WB has made job creation the core of its agenda.

As a result of intensive and sustained government efforts, the Philippines’ startup scene, growing digital economy, and increasing Micro, Small and Medium Enterprises’ (MSMEs) participation present a strong foundation to generate and advance the quality of jobs.

In view of present global challenges, the DOF urged the Bank to remain faithful to its Evolution Roadmap––a framework that guides the WB to better address global development challenges, such as poverty, shared prosperity, inequality, and climate change.

“We must follow through the roadmap’s deliverables, and on the promise of a bigger and better Bank that is fit-for-purpose to respond to the most pressing needs of people and the planet,” Undersecretary Balbosa said.

The DOF also thanked the Bank for its sustained efforts to make the International Bank for Reconstruction and Development’s (IBRD) financing more affordable for EMDEs and look forward to further pricing reforms, such as the removal of front-end fees.

Additionally, the DOF called on the Bank to expand its new Framework for Financial Incentives (FFI) to include price incentives specifically for projects that address global challenges and deliver cross-border impact.

On the matter of the Bank’s shareholding review, the DOF stressed that discussions must remain firmly anchored in the Lima Principles to ensure equity, effectiveness, and legitimacy in the process while protecting the voting rights of developing countries.

“We strongly urge that any proposal be supported by comprehensive simulations and undergo full and transparent consultations within the constituency,” Undersecretary Balbosa said.

The EDS15 Meeting was chaired by Executive Director Marcos V. Chiliatto of Brazil.

The Office of the Executive Director for Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname and Trinidad & Tobago (EDS15) represents its constituent countries’ individual and collective interests, and actively engages in the decision-making processes of the Bank, as delegated by the Bank’s Board of Governors.

DOF Assistant Secretary Donalyn Minimo and Deputy Treasurer and Senior Advisor to the Constituency Erwin Sta. Ana attended the meeting alongside Undersecretary Balbosa.