WB ‘redesigns’ $1.9-B in projects to back COVID-19 recovery –DOF

Washington-based multilateral lender the World Bank redesigned around $1.9 billion worth of Philippine projects to support the government’s economic bounce-back plan from the fallout caused by the COVID-19 pandemic, the Department of Finance (DOF) said Friday.

In a statement, the DOF said the World Bank’s pipeline of projects, which were expected to be approved this year, were not only redesigned to assist the Philippines’ economic recovery and the efforts to address the health emergency, but also included “programs on improving social protection initiatives for poor and vulnerable households, and supporting the government’s capabilities to deliver basic education through distance or remote learning.”

In his letter to Finance Secretary Carlos Dominguez III, Ndiamé Diop, the World Bank country director for Brunei, Malaysia, the Philippines, and Thailand said the pipeline also covers policy loans and projects that aim to “sharpen the country’s competitiveness; bridge gaps in the food supply chains; and provide jobs and livelihood opportunities to communities badly hit by the pandemic’s economic fallout.”

Diop also reaffirmed the World Bank’s commitment to support the Philippines’ infrastructure expansion program, “which is indeed critical for a solid recovery.”

The multilateral lender official also lauded the government’s “decisive and sound tax reforms,” which “has comparatively positioned [the Philippines] well to face the current pandemic.”

Diop also underscored the need to accelerate and streamline the processes required to get the pipeline of projects moving in their various approval stages, “given the emergency situation we are in.”

The World Bank has disbursed, as of April this year, a total of $1.2 billion in concessional financing to the Philippines to support the government’s efforts to contain COVID-19 spread and provide emergency relief to families most affected by this unprecedented crisis.

It has disbursed to the country $200 million as additional financing for the Second Social Welfare and Development Project (SSWDP), another $500 million for the Third Disaster Risk Management Development Policy Loan (TDRMDP), and $500 million more for the Emergency COVID-19 Response Development Policy Loan (ECRDPL). — DVM, GMA News