World Bank OKs $900-M loans for Philippine COVID recovery projects

Published December 17, 2020 11:30am
By TED CORDERO, GMA News

Washington-based multilateral lender Word Bank on Thursday announced that it has approved a total of $900-million loan financing to the Philippines for two projects in support of the government’s efforts to recover from the COVID-19 pandemic.

In a statement, the WB said the first is a $600-million project “Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan.”

Particularly, the loan will support transformational reforms to hasten the adoption of digital technologies, promote greater competition, and reduce the costs of doing business to revive more economic activities and jobs in the country, according to lender.

Moreover, the project will help small and medium enterprises bounce back from the pandemic, help citizens cope with social distancing measures and other health protocols, and improve delivery of social assistance to the most disadvantaged groups in society.

It said policy actions supported are critical to a smooth and inclusive recovery, and include reforms aimed at promoting competition and digital infrastructure expansion in the telecommunications sector, shifting to digital transactions for customs procedures to reduce trade costs, indemnity insurance to protect public assets such as schools and hospitals from natural disasters, and implementing the National ID program for financial inclusion and social transfer program delivery.

Source: https://www.gmanetwork.com/news/money/economy/768362/world-bank-oks-900-m-loans-for-philippine-covid-recovery-projects/story/