PHL signs $500-M WB loan for Covid-19 relief

The Philippines signed a $500-million loan agreement with the World Bank on Wednesday, June 3, aimed at supporting poor households and small businesses affected by the coronavirus pandemic.

Finance Secretary Carlos Dominguez III stated that the Emergency COVID-19 Response Development Policy Loan will be disbursed in the third week of June.

This is the third such loan from the World Bank to assist the Philippines in responding to the challenges posed by the pandemic, with a maturity period of 29 years including a grace period of 10.5 years.