(Eagle News) — The World Bank on Friday, April 10, approved a $500-million loan to boost the Philippines’ capacity to “support urgent needs created by the COVID-19 crisis.”
In a statement, the World Bank said its board of executive directors approved the Third Risk Management Development Policy Loan” also to help the Philippines “address disaster risks, respond to and recover from natural disasters.”
“The World Bank is committed to supporting efforts to strengthen the Philippines’ capacity to prepare for and respond to natural disasters as well as health and economic shocks like COVID-19,” Achim Fock, World Bank Acting Country Director for Brunei, Malaysia, Philippines and Thailand, said.
He noted that “natural disasters and pandemics disproportionately hurt poor families and communities. Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction.”
“Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction,” he said.
So far, the Philippines has confirmed over 4000 COVID-19 cases.
Congress has approved a P275-billion package to fund the government’s COVID-19 response, but President Rodrigo Duterte said these were not enough.
Finance Secretary Sonny Dominguez had said the Philippines was eyeing a loan with the Asian Development Bank and the World Bank to boost the Philippines’ economy amid the COVID-19 crisis.
