Published December 17, 2020, 11:01 AM
The World Bank has approved two loans to the Philippines to support the country’s recovery efforts from the coronavirus pandemic, improve competitiveness, as well as build resilience against shocks and natural disasters.
In a statement, the Washington-based lender, said it approved $900 million worth of loans to the Philippines for the government’s programs in addressing poverty in poor rural communities and improving resiliency against natural disasters.
The first is a $600 million Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan that supports transformational reforms to hasten the adoption of digital technologies, and promote greater competition.