PH borrows $80M from WB for Odette recovery

The Philippine government will borrow USD80 million from the World Bank's USD500 million standby credit line to support disaster relief and rehabilitation efforts in areas affected by Typhoon Odette.

Finance Secretary Carlos Dominguez III announced that this amount, equivalent to PHP4 billion, will be drawn this week with cover in the 2021 budget.

An additional USD120 million from the same facility will be drawn in early January when it is available in the 2022 national budget.

The loan aims to aid recovery efforts and was approved by the World Bank on November 17, with a loan agreement signed on November 29.

President Rodrigo Duterte declared a state of calamity in six regions affected by Odette, triggering access to these funds.