About the Bank - Who We Are
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International Economic Cooperation: World Bank
Established in 1944, the World Bank (WB) promotes long-term economic development and poverty reduction by providing technical and financial support to help countries implement reforms or projects, such as building schools, providing water and electricity, fighting disease, and protecting the environment. At present, the WB has 189 member countries, all working together to create a more prosperous and sustainable future.
The World Bank has created new organizations within itself that specialize in different activities. All these organizations together are called the World Bank Group (WBG). It consists of:
(1) International Bank for Reconstruction and Development (IBRD);
(2) International Development Association (IDA);
(3) International Finance Corporation (IFC);
(4) Multilateral Investment Guarantee Agency (MIGA); and
(5) International Centre for Settlement of Investment Disputes (ICSID).
The IBRD and IDA provide financing, policy advice and technical assistance to low- and middle-income countries, respectively; while the IFC, MIGA and ICSID help strengthen the private sector in member countries.
The WB is governed by the Boards of Governors, which consist of one Governor and one Alternate Governor appointed by each member country1. The Governors are usually represented by the country's Finance Minister or Central Bank Governor, and typically serve for a period of five years and may be reappointed. The powers of the Board of Governors are delegated to the Board of Directors, which consists of 25 Executive Directors. The Executive Directors represent a country or a group of countries that are appointed or elected to the position. The WB is currently headed by a President, Mr. Ajay Banga who was appointed on 2 June 2023.
1If a country is a member of the IBRD and is also a member of the IFC or the IDA, then the appointed Governor and Alternate Governor serve ex-officio as the Governor and Alternate on the IFC and IDA Boards of Governors. They also serve as representatives of the country to the Administrative Council of the ICSID. The MIGA Governors and Alternates are appointed separately (Source: WB website).
The Philippines has been a member of the WB since 27 December 1945. In accordance with the designation signed by the President of the Republic of the Philippines, Finance Secretary Frederick D. Go serves as the Philippine Governor to the WB while BSP Governor Eli M. Remolona, Jr., serves as the Alternate Governor. The Boards of Governors of the WB and the IMF usually meet twice a year during the Spring Meetings in April and the Annual Meetings in October.
- Representation. The Philippines is represented in the WB through the Office of the Executive Director for Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname, and Trinidad & Tobago (EDS15). The current Executive Director and Alternate Executive Director of EDS15 are Mr. Marcos V. Chiliatto from Brazil and Mr. Erwin D. Sta Ana from the Philippines, respectively. The Constituency actively engages in the decision-making process of the WBG Board with our countries’ individual and collective interests, as well as the Bank’s interest being our key concern.
- The Philippines is a member of all the 5 institutions under the WB Group. The date of membership as well as the voting power, which is largely based on shareholdings (and subsequent periodic capital increases), is provided in the table below.
|
|
Date of Philippine Membership |
Voting Power |
|
IBRD | 27 December 1945 | 12,740 (0.44 percent) |
|
IDA | 28 October 1960 | 156,144 (0.48 percent) |
|
IFC | 12 August 1957
| 135,388 (0.53 percent)
|
|
MIGA | 8 February 1994 |
1,095 (0.49 percent) |
|
ICSID | 17 December 1978 | NA |
Created:9/30/2020 10:49 AM by:
Rhodawynn Concepcion Obillo-Segun
Modified:1/19/2026 4:13 PM by:
Rhodawynn Concepcion Obillo-Segun
