World Bank grants $ 600 million loan to PH to fuel economic recovery



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 Ndiamé 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.

“Reforms 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 ”, he underlined.



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