World Bank approves $600-M loan for PH recovery
The Philippines has secured a new $600-million loan from the World Bank, bringing total pandemic-related foreign borrowings since March 2021 to $24 billion.
This loan will be administered by the Department of Finance (DOF) and is part of the 'Philippines Promoting Competitiveness and Enhancing Resilience to Natural Disasters Sub-Program 3', aimed at supporting government reform programs for a resilient economic recovery from the pandemic.
The World Bank approved this $600-million loan on December 10, with another $300-million loan expected to be approved by December 21.
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