WORLD BANK SET TO APPROVE $900M IN NEW PH LOANS

The World Bank will approve this month two loans totaling $900 million that the Philippines will use to purchase booster and pediatric shots against COVID-19 and for building up its defenses against natural disasters.

The latest World Bank documents showed the Washington-based lender’s board will give its go-ahead to the $600-million loan “promoting competitiveness and enhancing resilience to natural disasters sub-program 3” on Dec. 10.

The World Bank said this project loan, to be implemented by the Department of Finance, would support the Philippine government’s recovery programs to make the economy more competitive as well as resilient from calamity-induced shocks in the post-pandemic era.

The third in a series of development policy loans, this latest World Bank financing will specifically support programs to boost agricultural productivity, foster new telecommunications investments, improve trade facilitation, increase tax efficiency and rationalize fiscal perks, promote foreign-led investments in the retail sector, ramp up electronic payments usage, reduce the cost of doing business, as well as upgrade financial risk management to natural disasters and climate change risks.

On Dec. 21, the World Bank will also approve the $300-million additional funding for COVID-19 emergency response.

Once green-lit by the World Bank, its cumulative investment financing for this project, which is being implemented by the Department of Health, will total $900 million, including the original $100 million extended last year and the additional $500 million in March.