PHL inks $300-M loan deal with World Bank for sustained, inclusive growth 

The Philippines has signed a $300-million development policy loan agreement with Washington-based World Bank to boost fiscal sustainability and governance transparency for a sustained and inclusive growth.

 

The World Bank’s Third Development Policy Loan (DPL 3) was signed by Finance Secretary Cesar Purisima last October 14, the DOF said in an e-mailed statement Friday.

 

“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," 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.

 

Under the loan, the Philippines will receive support in strengthening priority public investment implementation, reducing the cost of doing business for jobs 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.

 

The infrastructure development and the streamlining of business registration processes for micro, small and medium enterprises (MSMEs) will be the main focus of the loan.

 

It will also support the Philippines in policy and institutional development on developing human capital, transparency, enhancing the tax effort, and the advancement of an integrated fiscal risk management strategy.

 

The DOF will share the responsibilities for policy dialogue and monitoring and evaluation with the Department of Budget and Management, Department of Public Works and Highways, Department of Tourism, Department of Agriculture, Climate Change Commission, Department of Trade and Industry, Department of Social Welfare and Development, Department of Education, and Department of Health. — RSJ, GMA News