Illustrative image (Photo: www.philstar.com)Hanoi (VNA) – The World Bank(WB) has approved a 400 million USD loan to help the Philippines increase itscompetitive capacity, enhance fiscal sustainability and strengthening financialresilience to natural disasters and climate change.
This loan has a 19-year maturity, inclusiveof a 10-year grace period.
In terms of promoting competitiveness, theloan will support the Philippines in ensuring food security and pricestabilisation; improving ease of doing business (EODB) and increasing access toeconomic opportunities.
The loan will also enhance the country’s fiscalsustainability by improving budget planning and financial management,increasing revenue mobilisation and reducing fiscal risks of government-ownedand -controlled corporations (GOCCs).
Besides, the funding will help enhanceregulation for the Philippines’ private insurance market against naturaldisasters, increase the efficiency of post-disaster financing and reducecontingent liabilities by creating and managing a public asset registry.
Due to its geographical location, thePhilippine archipelago is at high risk to a range of natural disasters, whichwill worsen with climate change. Main hazards in the Philippines includetyphoons, floods, earthquakes, and volcano eruptions.
The country’s deadliest cyclone on recordwas super typhoon Haiyan in 2013, which claimed about 6,300 lives and causedeconomic losses of 12.9 billion USD, or 4.7 percent of Philippine grossdomestic product.
According to the WB, the Philippines hasbeen identified as the third most vulnerable country in the world toweather-related extreme events and sea-level rise./.
This loan has a 19-year maturity, inclusiveof a 10-year grace period.
In terms of promoting competitiveness, theloan will support the Philippines in ensuring food security and pricestabilisation; improving ease of doing business (EODB) and increasing access toeconomic opportunities.
The loan will also enhance the country’s fiscalsustainability by improving budget planning and financial management,increasing revenue mobilisation and reducing fiscal risks of government-ownedand -controlled corporations (GOCCs).
Besides, the funding will help enhanceregulation for the Philippines’ private insurance market against naturaldisasters, increase the efficiency of post-disaster financing and reducecontingent liabilities by creating and managing a public asset registry.
Due to its geographical location, thePhilippine archipelago is at high risk to a range of natural disasters, whichwill worsen with climate change. Main hazards in the Philippines includetyphoons, floods, earthquakes, and volcano eruptions.
The country’s deadliest cyclone on recordwas super typhoon Haiyan in 2013, which claimed about 6,300 lives and causedeconomic losses of 12.9 billion USD, or 4.7 percent of Philippine grossdomestic product.
According to the WB, the Philippines hasbeen identified as the third most vulnerable country in the world toweather-related extreme events and sea-level rise./.
VNA
