The World Bank (WB) has recently approved a 300 million USD loan to help the Philippine government implement reforms to intensify across-the-board development and create more jobs.

On its recent announcement, the WB said the loan will support the country’s programmes involving infrastructure, education and public service for disadvantaged members.

According to Finance Minister Cesar Purisima V, the Philippines’s economic growth rate was improving, from 5.6 percent in the first quarter 2014 to 6.4 percent in the next quarter. However, the growth rate in the first haft of this year only reached 6 percent, lower than the 6.6- 7.5 percent target.

Reforms carried out in recent years have enabled the Philippine macro-economy to remain stable, generated more jobs and pushed up poverty reduction efforts productively.

The minister noted that support from the international community for reforms and a number of social areas will help the Philippines consolidate obtained achievements and maintain the government’s reform drive.-VNA