World Bank Headquarters in Washington, DC XINHUA FILE PHOTO
The World Bank has provided the Philippines with a loan of $ 600 million (approximately 30.20 billion pesos) to support the government’s reform program, which aims to position the country for a competitive and resilient economic recovery.
The Washington-based lender said its board over the weekend approved the Subprogramme 3 Development Policy Loan for Promoting Competitiveness and Improving Resilience to Natural Disasters, which supports ongoing government reforms such as amendments to the Retail Trade Liberalization Law to encourage private investment. , reduce the cost of doing business and expand broadband services to encourage investment in information technology.
The World Bank’s Country Director for Brunei, Malaysia, the Philippines and Thailand NdiamÃ© Diop said in the statement that these measures are essential to overcome both immediate and long-term obstacles to growth and pave the way. to an inclusive recovery.
âReforms that promote competition in broadband and mobile telecommunications will benefit a large part of the underserved populations by increasing coverage and quality of service, increasing their access to markets, as well as to education and services. remote health â, he underlined.