WB approves 600 million USD loan for poor people in Philippines

The 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 support the Philippine government's efforts to sustain social protection for the poor and most vulnerable families amid the COVID-19 pandemic.

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

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

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

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