Phl gets $300-M dev’t loan from WB

MANILA, Philippines - The Philippines has obtained a $300-million loan from the World Bank intended to boost fiscal sustainability and governance transparency.

Under the World Bank’s Third Development Policy Loan 3, the Philippines will receive support in strengthening priority public investment implementation, reducing the cost of doing business for job creation and poverty reduction, developing the human capital of the poor, promoting fiscal transparency and good governance, as well as consolidating fiscal sustainability through revenue mobilization and risk management.

“DPL 3’s strong focus on fiscal sustainability, infrastructure, human capital and good governance enables the Philippines to boost our inclusive growth agenda as we reach the tail-end of this administration,” Finance Secretary Cesar Purisima said.

“This is consistent with the Philippines’ partnership with the World Bank in ensuring our economic turnaround story translates into real and sustainable gains for the Filipino people,” he added. – Zinnia dela Peña, Ted Torres