The Philippines and the World Bank have agreed on the terms of the 466.07-million euro (equivalent to $500 million or over P29 billion) loan to ensure the safety and resiliency of schools in the country from natural disasters. Official documents disclosed on Nov. 19 showed that Finance Secretary...
As requested by the Philippines, the World Bank has extended by two more years its soon-to-lapse loan for a big-ticket infrastructure project aimed at mitigating flooding in Metro Manila, which had been plagued by delays and underspending due to government inefficiency. Official documents showed...
The World Bank has approved a $750 million loan to support the Philippines' digital transformation, aiming to boost economic growth and improve access to essential services. In a statement, the Washington-based multilateral institution, said the Second Digital Transformation Development Policy...
Beneficiaries of the poverty-alleviating Pantawid Pamilyang Pilipino Program (4Ps) can expect to continue receiving their conditional cash grants as the World Bank has extended the validity of the Philippine government's $600-million (over P35-billion) loan for the country's flagship safety net....
The Philippines' National Greening Program (NGP) is mitigating climate risks and reducing the country's poverty rate, according to the World Bank. In a Nov. 11 blog post, the multilateral lender cited the dual goals successfully achieved by the NGP, a collaborative initiative co-implemented by the...
The Philippines must pursue long-term reforms to thrive amid intensified uncertainty wrought by geopolitics and external developments, including Donald J. Trump's impending return to the White House seen solidifying the United States' trade protectionism, according to a World Bank economist. On the...
Education Secretary Juan Edgardo "Sonny" M. Angara is eyeing to tap additional concessional financing through cheap loans and grants extended by the Philippines' development partners as well as tycoons' deep pockets, to fund more classroom construction while addressing learning loss among Filipino...
A World Bank-funded project aimed at preparing Metro Manila for the so-called "The Big One" earthquake -- foreseen to shake the region in the near future -- is progressing despite the lack of budget from the national government. In a Nov. 3 implementation status and results report, the...
With an average of $3.5-billion (about P204 billion) asset losses inflicted by a string of strong typhoons and earthquakes to the Philippine economy each year, the World Bank enjoins tapping disaster-risk finance, especially private-sector insurance, to boost preparedness. In an Oct. 31 report...
Philippine-assembled electronics—the country's top merchandise export—may be hurt by bigger Chinese production, the World Bank said. In an Oct. 31 report, the Washington-based multilateral lender cited that the Philippines' semiconductor exports shrank 13.8 percent year-on-year in...
The Philippines needs to keep pursuing tax reform measures pending in Congress en route to its plan to narrow its yawning budget deficit, according to the World Bank. In its Philippines Monthly Economic Developments report for October 2024, the World Bank noted that the fiscal deficit as a share of...
With the harsh effects of climate change posing a threat to economic development, the Philippines is increasingly harnessing renewable energy (RE), with the help of a forthcoming $600-million (nearly P35-billion) loan from the World Bank. The Washington-based multilateral lender disclosed that its...
