(Eagle News)–The World Bank has committed around $1.9 billion worth of projects in the Philippines to support the government’s plan to bounce back from the economic crisis caused by the COVID-19 pandemic.
The Department of Finance said these programs, which include social protection initiatives for poor and vulnerable households, programs for the delivery of basic education through distance or remote learning, programs to bridge gaps in the food supply chains and to provide jobs and livelihood opportunities to communities, are expected to be approved this year.
According to the DOF, the support wss apart from the world lender’s support for the Philippines’ “Build, Build, Build” infrastructure program based on the assurance given by Ndiamé Diop, the World Bank Country Director for Brunei, Malaysia, the Philippines and Thailand, to Finance Secretary Carlos Dominguez III in a letter.
Diop also noted the government’s “decisive and sound tax reforms,” which “has comparatively positioned (the Philippines) well to face the current pandemic,” with Dominguez “chart(ing) out a solid recovery from the pandemic,” the DOF said.
Diop also highlighted the need to accelerate and streamline the processes required to get the pipeline of projects moving in their various approval stages, “given the emergency situation we are in.”
As of April this year, the World Bank has disbursed a total of $1.2 billion in concessional financing to the Philippines to support the government’s efforts to contain COVID-19 and provide emergency relief to families.
It has also disbursed $200 million as additional financing for the Second Social Welfare and Development Project (SSWDP), another $500 million for the Third Disaster Risk Management Development Policy Loan (TDRMDP), and $500 million more for the Emergency COVID-19 Response Development Policy Loan (ECRDPL), the DOF said.
