The Philippines, through its Department of Finance (DOF), has expressed support for the World Bank's new agenda focused on job creation and improving the quality of jobs in emerging markets and developing economies (EMDEs).

This endorsement was articulated by International Finance Group (IFG) Undersecretary Joven Balbosa during a statement made at the EDS15 Constituency Meeting held on April 23, 2025, at the World Bank Headquarters in Washington, D.C.

Undersecretary Balbosa acknowledged the alignment with the World Bank's priorities, emphasizing the theme 'Jobs – The Path to Prosperity' for this year's Spring Meetings.

He stated that while the private sector is vital in job creation, the public sector plays a crucial role in establishing foundational elements such as infrastructure, policies, and regulatory frameworks essential for business success.

The World Bank has forecast that over the next decade, 1.2 billion youths will reach working age in EMDEs, yet only 420 million jobs are anticipated to be created in this timeframe, underscoring the necessity of the job creation agenda.

The Philippines has made significant strides in bolstering its startup ecosystem, expanding its digital economy, and enhancing the participation of Micro, Small, and Medium Enterprises (MSMEs), which provide a promising base for generating quality employment opportunities.

In light of global economic challenges, the DOF has urged the World Bank to adhere to its Evolution Roadmap, a strategic framework designed to tackle critical global development issues, including poverty alleviation, inequality, and climate change.

Undersecretary Balbosa remarked on the importance of following through with the roadmap's initiatives to ensure that the World Bank remains fit for purpose in addressing urgent global needs.

Furthermore, the DOF expressed appreciation for the World Bank's ongoing efforts to make financing through the International Bank for Reconstruction and Development (IBRD) more accessible and affordable for EMDEs, highlighting the potential for future reforms, including the elimination of front-end fees.

The DOF has also proposed expanding the World Bank's new Framework for Financial Incentives (FFI) to encompass price incentives specifically aimed at projects addressing global challenges with cross-border impacts.

Regarding the World Bank’s shareholding review, the DOF emphasized the need for discussions to be grounded in the Lima Principles, ensuring an equitable, effective, and legitimate process that safeguards the voting rights of developing countries.

Undersecretary Balbosa advocated that all proposals should be supported by comprehensive analyses and undergo transparent consultations within the constituency.

The EDS15 Meeting was chaired by Executive Director Marcos V. Chiliatto of Brazil, representing a collective of countries including Brazil, Colombia, the Dominican Republic, Ecuador, Haiti, Panama, the Philippines, Suriname, and Trinidad & Tobago (EDS15), as they engage in the World Bank's decision-making processes.