WORLD BANK APPROVES US$750 MLN LOAN TO BOOST PHILIPPINE RECOVERY

MANILA, June 29 (Bernama-Xinhua) -- The World Bank said on Saturday that it has approved a US$750-million loan to strengthen the Philippine economy's recovery, Xinhua reported.

The Philippines Second Sustainable Recovery Development Policy Loan supports reforms that increase investment in public service sectors, attract private investment in public infrastructure, particularly in domestic shipping, promote renewable energy, protect the environment and improve climate resilience.

World Bank Senior Economist Ralph van Doorn said the Philippine economy remains resilient despite ongoing global and domestic challenges. "The reforms supported by this lending programme, if implemented, will encourage private investment, innovation, and sustained growth," he said.

Through these reforms, Van Doorn said the Philippines can transition faster to a greener economy and achieve its environmental and climate objectives.

Given the Philippines' archipelagic nature, he added that marine transport is critical for trade and connecting its numerous islands and destinations, enabling efficient movement of goods and products.

Van Doorn said attracting more local and foreign investments in domestic shipping can significantly boost the country's competitiveness.

The loan also supports reforms that aim to enhance plastic waste reduction, recovery, and recycling; promote green transportation; and encourage the production and consumption of environment-friendly goods and services through public procurement.

-- BERNAMA-XINHUA