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MANILA, Philippines – Washington-based multilateral lender World Bank and the Philippine government on Monday, June 26, signed four loan agreements totaling $1.14 billion to finance various initiatives to strengthen the country’s climate resilience, agricultural productivity, and quality of education.
The breakdown of the deals are as follows:
- $750 million – This amount is from the Philippines First Sustainable Recovery Development Policy Loan, which will support the country’s policy reforms aimed at boosting environmental protection and climate resilience.
- $276 million – For the Bureau of Fisheries and Aquatic Resources’ Mindanao Inclusive Agriculture Development Project and the Philippine Fisheries and Coastal Resiliency Project. The projects aim to sustainably increase agricultural productivity and improve fisheries management.
- $110 million – For the Department of Education’s Teacher Effectiveness and Competencies Enhancement Project, which aims to improve equitable access to quality teaching in kindergarten to Grade 6 in the Zamboanga Peninsula, Soccsksargen, and Bangsamoro Autonomous Region in Muslim Mindanao.
The press release from the Department of Finance did not mention the interest rate and tenor for the loans.
The Bureau of the Treasury earlier reported that outstanding debt stood at P13.9 trillion as of end-April, P54.24 billion more than in March, owing to the weakening of the peso against the US dollar.
The Marcos administration is aiming to borrow as much as P2.46 trillion for 2024, an 11% increase from 2023. – Rappler.com