World Bank commits additional $1.9B new loan to PH

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Philippines

MANILA – The World Bank has committed another $1.9 billion in projects in the Philippines to help and support projects that will help the economy bounce back from the impact of Covid-19 pandemic.

According to the Department of Finance (DOF), the $1.9 billion-worth of “redesigned” World Bank-funded projects are expected to be approved before the year end to help the government on its economy recovery efforts.

World Bank Country Director Ndiamé Diop has given Finance Secretary Carlos G. Dominguez III an assurance of the bank’s continuing support to the country’s “Build, Build, Build” program. He also congratulated the government’s “decisive and sound tax reforms,” programs.

Diop told Dominguez that the country is well positioned to face the current Covid-19 pandemic.

The $1.9 billion lending program would be more than double the $750-million commitments they made to the Philippines last year.

As of Aug. 5, the government has received  $8.131 billion of loans, global bonds and foreign grants to fund it’s fight against the pandemic.

Meanwhile, the Japan International Cooperation Agency (Jica) announced that it has released 50-billion yen COVID-19 crisis response emergency support loan to the government last August 14.

According to JICA, it made the disbursement upon the request of the government this week in order to immediately help the country deal with the effect of Covid-19. JICA added that it stands with the Filipinos in this time of ‘bayanihan.’ and it will continue to explore new and innovative ways to develop cooperation programs in response to the country’s immediate needs. The country, which had been one of Asia’s fastest-growing economies pre-covid19, entered into a recession when the economy shrank by 16.5% last quarter due to government imposed lockdowns.

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