World Bank extends $300-M loan for PH

Posted at 03/20/2013 3:08 PM | Updated as of 03/20/2013 3:08 PM

MANILA, Philippines -- The World Bank has approved a new development policy loan (DPL) for the Philippines to help the country enact its reforms in accelerating inclusive growth and creating more jobs.

In a statement, the World Bank said the loan, worth $300 million, is expected to improve investments related to climate change mitigation, strengthen governance, and enhance the poor's access to basic education and health.

"With this new financing program, we are ramping up investments in infrastructure to make the country more conducive to doing business. We have increased allocation for tourism infrastructure in order to attract more tourists from within the country and abroad. All these measures help generate more jobs," Finance Secretary Cesar V. Purisima said in the statement.

World Bank Country Director Motoo Konishi, for his part, said in the statement: "The Philippines is vigorously implementing a comprehensive reform agenda centered on restoring people’s trust in government through improved governance and empowering them to rise above poverty. We are pleased to support the program through the DPL as well as through our broader engagement under the Bank’s country assistance strategy."