Improving Fiscal Management

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The development objective of the Improving Fiscal Management Development Policy Loan (DPL) Project for Philippines is to support the high-level objective of the Government of the Philippines to improve fiscal management with three development objectives: (A) strengthening tax policy; (B) enhancing public finance management and budget planning; and (C) strengthening fiscal risk management of public assets. This DPL forms an integral part of the Philippines country partnership strategy (CPS) which aims to support the government’s fiscal and budget reforms. This operation responds to a direct request from the government to support the acceleration of fiscal reform efforts in the Philippines. While the Philippines has a robust macroeconomic framework and strong reform program, due to changing global market conditions it is experiencing an increased government financing need. The government’s commitment to maintaining reform momentum is evidenced in the recent efforts in advancing further tax reforms, as well as a significant demand for technical assistance which the World Bank is responding to with other development partners.