The Philippines is getting closer and closer to being blacklisted or debarred by the World Bank and other multilateral lenders.
Records of WB show that as of end 2007, the Philippines utilized more than $3 billion in loans from the bank. More than $800 million has not been drawn. The bank gave no reason why the government has not availed of the remaining amount.
A source close to the bank yesterday hinted that the first sign of trouble came when the Millennium Challenge, a corruption watchdog funded by American taxpayers evaluated the performance of the country in the fight against corruption and saw that it failed to qualify for bigger financial assistance.