This financing support very clearly helps drive our general effort to build a resilient and competitive society over the medium term.
The Philippines has secured a policy loan from the World Bank (WB) to help boost its competitiveness and fiscal sustainability while enhancing its resilience to natural disasters and climate change impact.
Finance Secretary Carlos Dominguez III said the loan is the first of a three-tranche program extended by the WB.
“The $400 million loan agreement we signed today with the (WB) is the first tranche of a three-part Promoting Competitiveness and Enhancing Resilience to Natural Disasters Programmatic Development Policy Loan Series, which has a total loan amount of about $1.2 billion,” Dominguez said.
“Specifically, this loan will help us further improve financial mechanisms available for disaster response; it also will help us formulate public asset management policies; and enhance regulation for the insurance market against natural disasters,” he added.
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Also, the Finance chief said this development will ramp up the country’s portfolio with the WB up to $2 billion annually, beginning next year. This translates to more than three times the country’s average annual lending commitment of about $600 million the past 10 years.
“This financing support very clearly helps drive our general effort to build a resilient and competitive society over the medium term. We thank the World Bank for its confidence in our determination to push forward reforms that will create a strong and inclusive economy for our people,” he said.
WB Acting Country Director for the Philippines Achim Fock vowed to remain committed in supporting the country’s development agenda.
“My colleagues and I look forward to the continued success of the country’s programs for poverty reduction and inclusive growth. We like to thank the Department of Finance and Secretary Dominguez for his excellent leadership in this important endeavor,” Fock said.
The Philippines is among the most vulnerable countries to the disastrous impact of erratic weather patterns brought about by climate change, the World Bank said.
