MANILA – The World Bank has approved a $500 million (P22 billion) loan to help the Philippines ease the impact of the Covid-19 pandemic.
The World Bank said on Friday, that the fund approved will help the poor and vurnerable household and will support small and medium enterprises by providing financial assistance.
The Philippines Emergency Covid-19 Response Development Policy Loan will be helping the country’s efforts to provide social assistance to 18 million poor Filipinos hit by the pandemic. The financial assistance includes additional monthly cash transfer subsidies to over 4 million beneficiaries of the “Pantawid Pamilyang Pilipino Program” (4Ps). It will also expand social assistance to 13.6 million affected households outside of the program and support repatriation for overseas Filipino workers stranded overseas.
Finance Secretary Carlos Dominguez III said that the swift loan approval indicates strong international confidence in the government’s capability to meet the financial requirements of containing this global health crisis. Metro Manila will further ease the restrictions and will be placed under general community quarantine starting June 1 to help restart the economy.