World Bank gives vote of confidence to Aquino gov't

Posted at 07/15/14 12:18 PM

MANILA - Though the Aquino administration is currently embroiled in controversies, it got a strong vote of confidence from the World Bank.

World Bank President Jim Yong Kim hailed President Aquino's anti-corruption program, saying it has translated to notable gains for the economy.

Kim noted high levels of corruption have been linked to rising levels of inequality between the rich and the poor.

He also lauded the Philippine government's effort to streamline business regulations, reduce the cost of doing business and reduce opportunities for corruption.

He said other countries have a lot to learn from the Philippines.

"So many things we are learning from the Philippines will be important to share with other countries all over the world. In some other countries we would call the cutting edge of governance reform, broadly, a transformational age of governance progress is dawning for countries with courage to act. Around the world the spread of info tech is converging with grassroot movement for transparency, accountability and citizen empowerment," he said.

"Under your leadership President Aquino, the Philippines is absolutely in forefront of this transformation. You've doubled government budget for social services, and made performance informed budgeting the norm," he added.

"For instance, the Philippines is now using electronic procurement tech to encourage citizens to be observers in all stages of bidding process. and just recently started the use of geotagging. Similar tools are now being used to monitor systems for people affected by Typhoon Yolanda."

"Your commitment to transparency is a beacon for the nations of East Asia and beyond."

The World Bank president also vowed the institutions continued support for President Aquino's reform initiatives.