A~~~~~ - A 23222 Donors Pledge "This is a US$4.51B in New special Consultative Group meeting because it takesplace in an aura ofadmirationfor the F nanclAssistanc Philippinesfor the resiliency it demonstrated in theface ofan unpredictable crisis and thepromise it holds for staying in the lah Vinay Bhargava World Bank Country Director. Philippines Chair of the CG in Tokyo A t the close of the 22nd meeting of the Donor's Consultative Group for the Philippines in Tokyo last March 25, the international donor community gave its vote of confidence to the country's develop- ment agenda with pledges of new financial assistance amounting to US$4.5 billion for -; 1999. This infusion of fresh funds will 7 s support initiatives in three broad fronts- Philippine Consultative Group Meeting Opening Session in Tokyo. From left, structural reforms, economic recovery and Foreign Affairs Secretary Domingo Siazon Finance Secretary Edgardo Espiritu World Bank alleviation.lCountry Director for the PhilippinesVinay Bhargava and Japan State Secretary for Foreign poverty aleviation. Affairs Nobutaka Machimura. The Consultative Group Meeting is a regular meeting of major donors to the to pump prime the economy and carry out The president also expressed his "heartfelt Philippines chaired by the World Bank. programs for poverty alleviation and gratitude to the donor community for its It serves as a forum for policy dialogue structural reforms. continued support for our aspirations in the between the government and the donor Of the US$4.5 billion total committed Philippines to bring sustained economic community and provides a mechanism for assistance this year, multilateral institutions progress and overall human development mobilizing official development assistance accounted for US$1.04 billion, and the to our people." to support the public investment program. balance of US$3.48 came from bilateral The Philippines has weathered the The gathering in Tokyo was the first donors. Japan pledged the largest amount regional financial crisis better than most donors' consultative group meeting under of financial assistance at US$3.1 billion. market economies in East Asia. The Filipino the Estrada administration. The commit- President Estrada thanked the Govern- delegates to the donors' meeting presented ments were US$1 billion more than those ment of Japan for sponsoring the CG the key factors that spared the country from made at the previous CG meeting in 1997. meeting in Tokyo, through a statement read the adverse aftershocks of the crisis. They These will help the government's efforts by Foreign Secretary Domingo Siazon, Jr. p.2 Challeniges of Economic Recovery,p2 Comnprehensive Devt Framework. p4 In This Issue WB ASEM vends AUpgr6-7 P - CAS:The Bank Responds. 3 AWEventsd p6 Meeting the Challenges of Economic Recovery T he Philippine economy presents a World Bank report finds that the existing actual achievements is the primary case of the milder impact of the East system for resolving stress, in the form of challenge of the country's environmental Asian crisis, yet the medium term corporate insolvency, for instance, needs a protection program. It demands a con- prospects of the country will be influenced major overhaul. At the very least SEC's certed effort where responsibilities must by a lot of uncertainties. Its pace of recov- handling of distressed corporate debt has trickle down from legislative action ery will hinge significantly on two key to be strengthened. to individual compliance. Particular factors: the extent to which financial stress In the banking sector, current prudential attention should be given to the energy, is relieved and the amount and type of and incentive schemes will have to be re- transport and health sectors. private capital that flows into the system. aligned towards international best practice. The Philippines: The Challenge of The crisis has also exposed the risk in over- Improved Govemance Economic Recovery, a World Bank report dependence on foreign financing resources. A reform agenda generally calls attention presented during the CG meeting in Tokyo, Developing capital markets and promoting to the need for better governance in public affirms that the way out of the crisis will long-term domestic savings are two overdue institutions. Examples include even- not be a fun ride. Easing the stress in the responses. handed implementation of tax laws, more corporate and banking sectors and effective programs for the poor, and im- attracting quality investments entail an Export Competitiveness proved enforcement of environmental intricate framework of priorities, reforms Trends show that the country has a strong regulations. The Estrada administration and interventions. To meet these twin base for future export growth. However, has already listed eradicating graft and goals, the report suggests an agenda for the study notes the instability inherent in corruption among its top priorities. This sustainable econornic recovery. relyiig heavily on a single product such as sense of purpose will be bolstered by electronics. It prescribes diversification corrective measures aimed at problems Corporate and Banking Restructuring without losing the built-in advantages in already identified, strategic agenda for Philippine industry may have withstood other export-oriented industries. reforms in public institutions and a set of the regional crisis, but the number of dis- benchmarks for monitoring progress. tressed companies and the severity of Environmental Safeguards Competent public service will be an essen- financial stress have risen sharply. The Translating well-meaning intent into tial element in this effort. -4F7tu P., Donors Pledge... The donors commended the Philippine and the Philippine government to get a government for its stated intent to imple- clearer indication of the challenges that lie pointed out that the financial sector ment structural reforms in the financial ahead. We agreed that the projected growth remained sound. Exports grew, surpassing and corporate sectors to boost investor targets of the government are within reach the growth in neighboring countries. The confidence in the country. They also ex- provided the implementation of reforms social safety nets held, keeping the severe pressed satisfaction over the government's is accelerated, available funding is utilized social repercussions of a major financial increased attention to the social sectors efficiently and in a timely manner, investor dislocation in check. and rural development, and in bringing confidence revives and there are no major Based on such positive economic per- issues of governance at the fore of public external shocks." f formance, the Philippine delegation offered policy action. an optimistic medium-term outlook for the While the country's economy. Among the development priorities policy directions and identified in the Medium -Term Philippine growth targets merited Development Plan for the period 1999-2004 positive ratings, the are agriculture, basic social services, global donors took serious note competitiveness and governance. of the need for prompt l5 Finance Secretary Edgardo Espiritu implementation and remarked, "The donors expressed general funding of relevant agreement on the need to address any lasting undertakings. damage to the productivity and growth of Mr. Bhargava, Chair- the economy as well as the need to emphasize man of the CG meeting, poverty alleviation and equity concerns ... It concluded, "[The was also the consensus that the Philippines donors'] gathering has Finance Sec. Espiritu bares the details of the CG meeting will be at the forefront of recovery in Asia." enabled both the donors during a press briefing cum videoconferencing from Tokyo. 2 PHILIPPINE COUNTRY ASSISTANCE STRATEGY Bank-supported initiatives such as Local Government and Finance Development SOL |Project (LO6OFIND), LGU Water Adaptable _]ahk mbdmbl Milo& Program Loan (APL) and Solid Waste Ecological and Enhancement Project anW - 1qwJ ~ -- (SWEEP). The Bank also provides TA for _environmental advisory services. ___LENWAVilLm 10, Improve governance and tighten measures that combat corruption. The Bank agrees with the comments and sugges- tions to simplify systems and procedures in the bureaucracy. For its part, the Bank rom November to December 1998, consultations with various sectors ofPhilippine has been streamlining overly bureaucratic society were conducted in the course offormulating the Bank Groups Country processes in project preparation. Assistance Strategy (CAS). Feedbackfrom thefour workshops, which involved *. Strengthen the judicial system to non-governmenit organizations, peoples organizations, trade uniionis, the academe and reduce graft and corruption. The Bank businessgroups, were considered in the developmtent of the strategy. On AMay 4, 1999, the Bank Groups CAS coveringjuly 1999 toJunle2002 will bepresented has assisted several countries to improve to the WVorld Banks- Board of Directors. Belowv are the major recommnendatiotnsfrom the their respective judical system and IS workshopparticipants and the Bank staff's response to them. There are more recommenda- evaluating a similar request from the tions, and all of them arepresented in an annex of the CAS. Philippine government. * Increase the participation of stake- * Review the impact of trade liberaliza- non-lending assistance through sharing of holders in Bank-assisted projects. In the tion on the agricultural sector. The Bank appropriate developing country experiences Philippines, about half of ongoing Bank will clarify, in its annual updates, the in agrarian reform. projects involves NGOs/POs at specific stages relevant issues and strategy options, and * Give priority to housing for low of project implementation. Still, certain the need to enhance the government's income groups and review financing issues stand in the way of full project involve- capacity to respond to these concerns. mechanisms for socialized housing. ment by stakeholders. * Improve access to credit by the poor The Bank has been advising the government *' Focus on the poor and poverty issues in both urban and rural areas. The Bank to create targeted housing subsidies for the in program planning. Poverty alleviation supports financing for micro-enterprises poor. A proposed Housing Finance Techni- is the overarching objective behind the and has allocated a sizable portion of its cal Assistance Project includes a review of Bank's work with its member countries. It Third Rural Finance Loan for the purpose. financing institutions engaged in affordable just takes a longer time for development Several ongoing Bank-financed projects housing development. projects to bear their impact on the poor. directly meet rural finance requirements * Encourage gender sensitivity *' Keep stakeholders informed about and partnership arrangements. training for government personnel. the Bank and its projects, especially at The Bank supports a multi-country gender the local level. The Bank believes that * Provide alternative entrepreneur- study in East Asia. A proposed Social a broad dissemination of information ship financing for farmers and people's Expenditure Management Loan (SEML) increases public participation and improves groups. Specific Bank-financed projects provides support for government programs project effectiveness. To this end, facilities like the Conservation of Priority Protected that address such issues as family violence, for information sharing such as this news- Areas Program (CPPAP) and Community- letter and the Public Information Center at Based Resource Management (CBRM) have * Rethink current development the Resident Mission Office have been livelihood assistance components that framework in the light of the Asian finan- launched. It is at the local level where livelihood loanssance componentsso thaget cial crisis and the alternative schemes adequate information seems wanting, and extend loans and grants so target communi- used in the NGO community. The Bank the Bank looks forward to improved ties can initiate income-augmenting emphasizes more holistic and participatory sharing of information at the regional and activities, approaches to development as exemplified provincial levels. * Accelerate implementation of the by the Comprehensive Development * Makethe CAS a public document. agrarian reform program and provide Framework (For details, see p. 4). At the The Bank has informed the government access to productive resources. The Bank same time, the Bank expresses support to of this feedback from the consultations. A supports the Agrarian Reform Community the aims of Philippine Agenda 21, the new policy on public disclosure states that Development Project which seeks to deliver country's long-term development plan. the CAS document can be made available to essential services to agrarian reform *i Consider environmental factors in the public after it has been presented to the beneficiaries. At the same time, the development planning for cities and towns. Bank's Board of Directors and upon request Department of Agrarian Reform receives Such issues will be addressed in new of the government. U 3 To Sustain Growth andAlleviate Poverty A Comprehensive Development Framework James D.Wolfensohn, President,World Bank Group D evelopment has two sides like the players in the development field as well as opposed to each partner focusing on opposite faces of a coin, or two parts as their national and local partners are its own projects or programs. of a duet. Without the other half, hampered by their own limited resources, * The CDF calls for a holistic approach to the coin may not be negotiable and the duet experience and reach. Thus, the underlying development, where success in one loses its harmony. interdependence between financial and sector is linked integrally on the This is the conceptual underpinning of a social concerns has yet to be addressed progress in others, on a long-term basis proposal advanced by James D. Wolfensohn squarely. (10-20 years). seeking a broader approach The CDF focuses on Macro/ to sustainable growth and Financial! Structural and poverty alleviation. Mr. . Social issues simultaneously, Wolfensohn defines the two prioritizing actions of all essential sides of develop- , partners. ment as the mnacroeconomic j*It focuses on results = Poverty consideration on one Elimination. hand, and the structural, It uses modern communi- social and human dimenlral. a0j ll ! - c cation to foster transparency sion on the other hand. In ieand learning. his proposed Comprehen- Wolfensohn contends that the sive Developmnent Fram e- long view afforded by the Compre- work, he argues that these hensive Development Framework two aspects should be should allow development players to considered together for Ithink strategically about setting 'a more inclusive picture priorities and sequencing policies, of development.' - programs and projects based on Wolfensohn writes, financial and human capacity. "We cannot adopt a system The simple statement of intent in in which the macroeco- -,the miatrix will be supported bv nomic and financial annexes that provide the details of, (factors) are considered Z for instance, the implementation apart from the structural, a plan and the timeline. Wolfensohn social and human aspects, ~~~~~~~~~~~~~~~suggests that specialists, under and vice versa... .Awrong the guidance of the top-level step on the macroeconomic side can have In his proposal, Mr. Wolfensohn attempts government official concerned, set forth the dire consequences on the structural, social to redress the situation via a matrix that relevant programs for the next one to three and human dimensions. In addition, plots the essential factors to sustainable years within a ten-to twenty-year framework. profligate and unbridled spending without growth and poverty alleviation against the Once an effective matrix is in place, the regard to resource constraints and fiscal activities of partners in the development government and its development partners and monetary policy can also have dire process. can assess the country's position by refer- consequences." In essence, the framework has the ring to both macroeconomic statistics and Macroeconomic indicators of a country's following elements: structural milestones. performance have been fine-tuned into the Throughpartnerships, the CDF aims at The Bank is working with at least a dozen Bank's current appraisal system. However, maximizing development efforts through countries to try out the Comprehensive there has been less success in accounting for a "system" approach, with the country Development Framework for their inclusive, structural and social progress. The global in the driver's seat (country ownership) open and distinctive matrices. U 4 X~Fii~pis - - - NewsUpdate in198-Ltt ASEM Helps Upgrade The results of the ;- --Audit Capacity and surefor 99arinanainica- - 1998 Poverty Survey tors point to an incease from the 32 percent thepopulationlig below the povert u e i 17.n li The ASEM (Asia-Europe Meeting) Focusing largely on compliance with The survey also indicated that Trust Fund, through the World Bank, various regulations, COA's audit in the past about 13.5 million families nation- has approved a technical assistance has been satisfactory. However, with the wide, representing some 90% of t*eh (TA) grant of US$928,000 to the Philippine recent financial crisis, new pressures and totalpo -,ha ebnaffectedb- government to further strengthen its constraints on financing institutions have the ongoing finan crisis :-those.. auditing capability in light of the regional expanded the responsibilities of auditors hurt by the crisiS, 90'percent said thie financial crisis. The ASEM grant comple- and agencies. increase in commodity prices affected ments work being initiated under three The improved auditing competency them while I7percent hadtotakea cut World Bank projects, two of wvhich involve resulting from the TA will reassure govern- in their wages last year. credit lines for Land Bank of the Philippines ment as well as current and future creditors These are just twoof th hhightsf the of government-owned banks that their of thelatestAnnua tovertyIndicators Philippines (DBP). transactions meet international standards Survey by the National Statistics TheTAfortheCommissiononAudit and best practices. Offite, finaly providing official docu- the agency responsible for the audit of The ASEM Fund has also awarded a mentation to the adverse effects of the government departments and offices, US$967,000 grant to the National Statistics Asian financial crisis and El Ni ho. inldn oenetondbnsad Office which was utilized to carry out the The survey was funded through includinggovernment-ownedbank Annual Poverty Incidence Survey (APIS). ASEM TrustFund yeaedyord crsSpor fiation , cos grat US$2800 forovtwo (See boxed article for results.) The survey Bank in coordination with the United yasSpcfal,thgrnwilrode collected quantitative and qualitative Nations Development Program thefpreparatio n o mastaffw, anso information on the poverty situation in {UNDP) It was conducted between th rprto fnwmnas twl lo the country. Support to the APIS ensures April to September 1998 provide for advsory servcesto COA on that government has the facility to assess Vinay Rhargava, World Bank nk. the situation for timely policy decisions. Country Director said, "The impact of A separate amount of US$200,000 will The World Bank coordinates the ASEM the crisis should not be taken lightly help carry out a special diagnostic audit and Trust Fund activities with the Department if one out of two families had to eat financial review of the Philippine National of Finance. The Fund was launched in early less to respon to the cniss, and ifone Bank preparatory to the Bank's full privati- 1998 bv the European Union and EU out of three families has to work zation. The Department of Finance will member states to mitigate the financial and harderto cope.' implement this part of the TA. social impacts of the East Asian crisis. 0 He added,:41,The survey results) give a promisig message to the gov- ernment. Bringing down inflation and restoring agricultural growth will greatly improve the lives of a large number of poor people, given that over 4 97% of families felt the crisis through iflation and El Niflo-induced decline in agricultur. Against the so-called 'highest 60 percent', the latest APIS report also indicated that the lowest 40 petrcent still lag behind in term ofacss to hosing, elcricity, -water -and toilet faci eltes t and the emerging urban sprawls in many developing countries. Almost the same problems crop up-traffic congestion, environmental degradation, insufficient public services. The challenge for him is to apply strategic planning to balance nature and development. Toru heads a team tasked with addressing 5D _ i :DII DDDD}"DDD iD ag7IDD D _l urban development issues in the Philippines in coordination with local government units. He says, "I am very excited when we, as a team, are delivering high quality service to client governments using our core business competencies which are our global technical knowledge and financial resources." For relaxation, Toru prefers karaoke singing and even dabbles in composing his owni music. FIDELIS "FIDEs" HERRERA-Lim feels that te Worl Bank is like a second home to her. She started her career with the Bank at its haquarters in Washington D.C. while her husband assumed a diplomatic post at the Philippine embassy there. When her husband was called back to the home office, she followed him back home ready to be a New staff for expanded Bank operations. Left to right (Ladies): Fides Herrera-Lim, full-time wife and mother to two kids. Marj Espiritu, Shu Gemora; (Gentlemen) Zaldy Gatdula,Toru Hashimoto, But the World Bank provided her the Ron Oblepias. opportunity to resume her career in Manila. She is Team Assistant currently assigned SHUSHAN "SHU" Z. GEMORA holds as well as its weaknesses." with the Infrastructure Team doing the an Accounting degree from Assumption He feels that his previous experiences projects she likes to do right in her own College in Makati City and she has taken up provide a reality check to the programs and country. basic computer courses at De La Salle projects he handles in relation to the Bank's Whenever her tight schedule allows, University. Prior to joining the Bank, she human development portfolio. At the same Fides plays golf, does flower arrangement was an Assistant Manager for Operations time, he now finds himself at "the cutting or takes time to see the country's celebrated and Customer Service at a local bank, edge of development science and practice" beaches. She also likes to paint and has gone where she was also involved in the bank- and hopes to draw lessons from the Bank's out of her way to organize "Likhang Tanay wide change of systems/technology and extensive history at the forefront of develop- Exhibit 99" at the PNB Long Gallery, show- procedures. ment banking worldwide. casing painters from Tanay, Rizal. Her work at the World Bank, at the At home, he tends a garden accented by procurement side of the Operational Core exotic mementos he picked up during his MARIA MARJORIE "MARJ' ESPIRITU is Services Group, exposes her to the use of travels around the country. a Team Assistant at the Rural Development new technology within a non-traditional & Environment Team. She has had extensive banking environment. TORU HASHIMOTO, a Japanese national, is exposure working in a multi-cultural Shu spends her spare time watching an Urban Planner and was holding office at environment. Prior to joining the Bank, movies or "in anything that has to do with the Urban Development Sector Unit of East she had working stints at 5-star hotels, drawing." Asia and the Pacific Region at Headquarters the U.S. Agency for International Develop- before moving to RMP. Before joining the ment and the European Commission in RONALDO J. OBLEPIAS has been a youth Bank in 1994, he worked as an urban planner the Philippines. leader, Science teacher, an NGO worker, and in Japan and for the United Nations Regional To her, there is no secret to a successful a senior government officer, among others. Economic Commission. career in a multi-national workplace except In his checkered career, he has seen "poverty He credits his fascination with urban by being yourself Marj advises, "Be frank face to face" and "how government works- planning with the parallels he saw in and honest with your co-workers. With me, the difficulties and the rewards, its strengths Yokohama, the city he grew up in as a boy, what you see is what you get." 6 She loves to dance and occasionally goes W BEvent ballroom dancing. Her weekends are spent with her family and catching up on sleep, sleep and sleep... RIZALDY "ZALDY" C. GATDULA is a registered Electronics and Communications engineer. He's one of the technical services - staff whose daily routine includes making sure your e-mails reach their destination intact and secure. v. Zaldyhas the experience (and the tools) I_ - ; to deal with unexpected snags and glitches in an electronic workspace. He was a field engi-neering supervisor at Siemens Nixdorf _ and head of the Technical Services depart- ment at Prime Bank where he helped _ manage the voice/data network. Cheers from the Bank staff and associates! He understands that developments in his field of expertise happen at a fast clip and he hopes to keep up with the innovations so N l l he can deliver the support that's expected IThe Water and Sanitation Program-EastAsia and Pacific, a joint undertaking of the of him. For one, he ensures that IT facilities World Bank and the United Nations Development Program, held a blessing ceremony at the Bank run smoothly and users get their for its new office on the twentieth floor of The Taipan Place in Ortigas Center, e-mails without a hitch. MetroManila. He spends his weekends with his family. The blessing was attended by officers and staff of the World Bank Resident Mission During whatever spare time he has, he in the Philippines and invited associates and guests of the Bank. indulges in a little sports activity or The Water and Sanitation Program staff share the new office space with two other sketching. W RMP units-Infrastructure Team and Operational Core Services Team. New McNamara Fellow Mr. Presillas is the Assistant Director Program was established in 1982 to of Dualtech Training Center Foundation, honor the former president of the World Inc., a technical/vocational institute which Bank. The program annually awards offers scholarship grants to poor but about 20 fellowships to support innova- deserving out-of-school youths and high tive and imaginative post-graduate school graduates. The Center applies research in areas of socioeconomic the Dual Training System, a special tvpe development-specifically focusing on of vocational skills training where the issues critical to improving the lives of learning process takes place at both the the most vulnerable in society. school and the factory. To date, 173 awards have been made, Close coordination between the spanning issues related to health and Institute and select private firms has population, education of girls, environ- PANTALEON PRESILLAS is the latest given DualTech Center the flexibility of mental conservation, agricultural and recipient of the Robert S. McNamara developing training courses attuned to the infrastructure development, conflict Fellowship from the Philippines. A actual demands of industry. Mr. Presillas' resolution, role of NGOs in development, financial grant will support Mr. Presillas' research will look into how vocational and trade and tax reforms. year-long research study on the impact institutes in the country are adjusting to Fellowships are open to applicants of globalization on the access of lower the changing skills requirements of an who are nationals of, or residents in, income groups to skills training increasingly globalized workplace. countries currently eligible to borrow opportunities. The Robert S. McNamara Fellowship from the World Bank. 7 and the structures for moving funds (and v v ~ IS 1 1 |; | - 1 1 | 1knowledge) from industrialized countries to poor nations. Still, after over 50 years of involvement development assistance to the poorest in the good fight against poverty worldwide, countries when improved policies should aid agencies like the World Bank continue to enhance the impact of aid. build their competence on valuable lessons The bottomline: In emerging markets, full both learned and unlearned. This book is recovery, or a return to historical trends, is rife with examples when foreign aid has not likely before 2001. been highly effective, totally ineffective and GDF comes in two volumes. The initial everything in between. Aid catalyzed growth Global DevelopmntFinace1publication, Analysis and Summary Tables, in the Republic of Korea and Botswana in Global Development Finance 1999 contains an extensive assessment of trends the 1960s, Bolivia and Ghana in late 1980s, Vol. 1 (Analysis and Summary Tables). 180 pages; d i i i fl andinUgandaandVietnaminthet990s. Vol. tt (Country Tables). 650 pagesanprsetinpiaecptlfostaninUndadVenmi he19s developing countries buttressed by expert Unfortunately, it failed to make a difference Here's tangible proof that 1998 has been commentaries. A companion volume, in Zaire where a steady flow of aid got another tumultuous period for emerging Country Tables, offers a wealth of statistical subverted by incompetence, corruption markets. informations on the external debt of 138 and misguided policies. The most comprehensive and detailed countries. The rethinking of aid at the World Bank publication available on capital flows to GDF will also be available on a diskette has led to such findings as, financial aid developing countries, this year's Global and CD-ROM. works in a good policy environment, and Development Finance (GDF) forecasts that effective aid complements private invest- average growth rates in developing coun- ment. As such, AssessingAid, is essential tries are likely to fall to just 1.6 percent in reading to anyone deeply concerned with 1999, down from 1.9 percent in 1998 and the larger business of seeking and extending 4.8 percent in 1997. It's the lowest growth foreign aid. rate since 1982, reflective of the aftermath of the global financial crisis which started To orderWorld Bank Group in East Asia, spread to Russia and sent publications, contact: shocks to Brazil. International Booksource GDF's latest edition raises the following Center Inc. issues: I 27-A Antipolo Street AssessingAid: Barangay Venezuela, Makati City * Thedeteriorationoftheglobaleconomic What IWorks, What Doesn't, and Ti'hy Tel. (632) 896-6501 /6505 16507 outlook due to a slowdown in industrial A World Bank Policy Research Report Fax (632) 896-1741 countries, plunging commodity prices 1998. 160 pages. Or visit our 24-hour online website at and recession in developing countries; The international donor community must wwpworldbankor b t * The dramatic reduction in flows and be continually engaged in the process of The World Bank increased borrowing costs to the poorest "rethinking aid". Reading between the lines Resident Mission in the Philippines countries in the wake of the Russian debt of this book, Assessing Aid, one gets the 23/F,TheTaipan Place moratorium; impression that providers of foreign aid keep Emerald Ave., Ortigas Center * The continued decline in official fine-tuning the systems, the mechanisms g Ct he W'~orld Bank Resident Mission in the Philippines Place 23/F, The Taipan Place 1Stamp, Emerald Ave., Oitigas Center Here, Pasig City InTouch is a quarterly newsletter of the World Bank Resident Mission in the Philippines. All correspondence may be addressed to The World Bank Resident Mission in the Philippines 23/F, The Taipan Place Emerald Ave., Ortigas Center, Pasig City Tel. 637-5855 to 64 EDITORIAL STAFF: Vinay K. Bhargava, editorial adviser Leonora A. Gonzales, editor Charito Cabalang, production assistant