The World Bank has committed to help alleviate poverty in the Philippines for the next three years with its new Country Assistance Strategy (CAS).

In a statement released Friday, the multilateral lender said the new CAS will support programs that improve poor Filipinos' opportunities to participate in markets through strengthened human capital, reduced vulnerability to shocks, and more economic prospects.

"This CAS continues the Bank's support for the country's development objectives. We hope to do more for poverty alleviation measures, not only because poverty reduction has been lagging, but also because the poor are most vulnerable to the impact of the global recession," World Bank Country Director Bert Hofman said.

The core result areas of the CAS include a stable macro economy, improved investment climate, better public service delivery, reduced vulnerabilities, and good governance.

Aside from poverty, the CAS will also address emerging global challenges such as climate change, disaster risk management, and the financial crisis. The World Bank said it will also emphasize a knowledge agenda that will support the Philippines in addressing its own development challenges.

The World Bank said it is prepared to allot funds ranging from $700 million to $1 billion a year for the next three years, while its private-sector financing arm, the International Finance Corporation (IFC), will provide support from $250 million to $300 million annually. Specific areas of the World Bank and IFC's collaboration are in infrastructure, agribusiness, and the financial sector.

Another member of the World Bank Group, the Multilateral Investment Guarantee Agency, will provide guarantees to foreign investors against losses caused by non-commercial risks, as well as technical assistance to help countries disseminate information on investment opportunities.

Finance Secretary Margarito Teves said the new CAS supports the government's thrust to increase public spending and to provide more assistance to the poor in a time of crisis.

"We thank the bank for its continued support to the country's development objectives and for allowing flexibility under the new CAS, which could help strengthen the country's ability to deal with the current financial and economic crisis," he said.

For his part, Socioeconomic Planning Secretary Ralph Recto said the World Bank's new framework is broadly aligned with the country's updated Medium Term Philippine Development Plan (MTPDP).

The MPTDP focuses on growth and job creation, energy, education, health, youth opportunity, anti-corruption, and good governance.

"I welcome the Bank's continued support for the Government's MTPDP, to which the CAS is well aligned.The MTPDP also gives priority to protecting the poor through a host of social policy measures including shelter, health insurance, low-cost medicines, and cash transfers," Recto said.