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World Bank loans Philippines $300 million for conditional cash transfers

MANILA, Philippines – The World Bank and the Philippine government signed an agreement for the former to fund an additional $300 million for the conditional cash transfer program, also known as Pantawid Pamilyang Pilipino Program (4Ps).

On Thursday, November 28, World Bank country director Mara Warwick and Finance Secretary Carlos Dominguez III signed the financing deal for the second phase of 4Ps to achieve the government's agenda to reduce poverty incidence to just 14% by 2022.

The World Bank has contributed a total of $1.26 billion to 4Ps since it first provided funding support for this program in 2010.

"I thank the World Bank for facilitating additional financing for the Second Social Welfare Development and Reform Program. The Bank has been a strong and reliable partner in the implementation of our conditional cash transfer initiative," Dominguez said after the signing of the loan agreement at the Department of Finance office in Manila.

Warwick noted that the program is the "second most significant contributor to poverty reduction in the Philippines after individuals' wage earnings from non-agricultural activities."

"The entire economic program of President Duterte has the ultimate goal of bringing down our poverty incidence from 27.6% in the 1st half of 2015 to just 14% by the end of the President's term in 2022, expanding economic inclusion, and making real the dream of a comfortable life for every Filipino. We will tirelessly work towards the full realization of this goal," Dominguez said. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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