Connect with us

Hi, what are you looking for?


PHL batting to increase World Bank recovery funding to $750M

THE PHILIPPINES is seeking to increase the size of its first sustainable recovery development policy loan (DPL) from the World Bank to $750 million, the World Bank said.

“The DPL series aims to support the government of the Philippines’ reforms to accelerate the economic recovery and boost long-term growth; and protect the environment and improve climate resilience,” according to a document uploaded on the World Bank website.

In December, the loan was initially pegged at $600 million. The loan is expected to be approved by the World Bank board on May 16.

The loan series aims to increase public investment in services and private investment in renewable energy and public infrastructure.

It also seeks to raise the share of renewable energy in the energy mix, the reduction of plastic waste while increasing recovery and recycling, greater use of green transport, and increased production and consumption of green goods and services through public procurement.

“Climate change poses major risks to development in the Philippines and will affect the country’s ability to meet its development goals and pursue green, resilient, and inclusive development,” the World Bank said.

“The country is exposed to frequent natural disasters and thus prone to the impacts of climate change, which cause severe economic and fiscal shocks and threaten socioeconomic development. Without mitigation action, climate change will impose substantial economic and human costs, affecting the poorest households the most,” it added.

The project will be monitored and evaluated by the Department of Finance and the World Bank.

The implementing agencies will include the Anti-Red Tape Authority, the Bureau of Internal Revenue, the departments of Budget and Management, Energy, Environment and Natural Resources, and Trade and Industry, and the National Economic and Development Authority.

The bank is currently supporting 15 ongoing Philippine programs and projects worth $4.96 billion.

In January, the World Bank approved the Philippines’ second financial sector reform policy loan worth $600 million.

As of March 2022, the World Bank was the Philippines’ third-largest official development assistance (ODA) partner, with loans and grants amounting to around 23.38% of total ODA.

This year, the National Government expects to obtain around $19.1 billion worth of ODA. — Luisa Maria Jacinta C. Jocson

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

World News

Toronto’s school board has become the first in Canada to recognize that caste discrimination exists in the city’s schools and has asked a provincial...


By Alyssa Nicole O. Tan THE Philippine Chamber of Commerce and Industry (PCCI) said regional wage boards are the appropriate venue for setting the...

World News

LONDON/MILAN/FRANKFURT/NEW YORK — The world’s top consumer and luxury goods companies have seen sales of everything from cosmetics tocondoms grow in China since Beijing ended strict COVID-19...


THE new sardine cannery established by Mega Prime Foods, Inc. in Batangas is expected to help the government meet its objectives for investment in...

Dislaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 All Rights Reserved. Spirit