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WB approves 600 million USD loan for poor people in Philippines

The World Bank (WB) on September 30 said it has approved a loan worth 600 million USD to support the Philippine government's efforts to sustain social protection for the poor and most vulnerable families amid the COVID-19 pandemic.
WB approves 600 million USD loan for poor people in Philippines ảnh 1The World Bank (WB) has approved a loan worth 600 million USD for the Philippines (Photo: Philstar)


Hanoi (VNA) – The World Bank (WB)on September 30 said it has approved a loan worth 600 million USD to supportthe Philippine government's efforts to sustain social protection for the poorand most vulnerable families amid the COVID-19 pandemic.

The loan will be continuing support to thePhilippine government to implement the Pantawid Pamilyang Pilipino Program(4Ps), a national government plan to provide conditional cash grants to thepoorest families.

These efforts are critical to ensure thatthe children of poor families can remain in school and stay healthy as thecountry takes measures to control this pandemic. In these difficult times, cashtransfers to the poor and vulnerable indirectly support local economies andboost prospects for recovery, said Ndiamé Diop, World Bank Country Director forBrunei, Malaysia, the Philippines and Thailand.

The project will support the Philippinegovernment's use of cutting-edge digital technologies and platforms, developmore efficient processes and systems, and enhance targeting mechanisms.

Implemented in 145 cities and 1,483municipalities of the Philippines, the 4Ps has benefitted more than 4 millionfamilies or around 20 percent of the country's population, including 8.7 millionchildren./.

VNA
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