World Bank loans $100 million to PH for ventilators, facility upgrades

MANILA, Philippines – The World Bank on Thursday, April 23, approved a $100-million loan for the Philippines' coronavirus response.

The loan is under the World Bank's Emergency Response Project, which aims to help meet urgent healthcare needs in the wake of the pandemic.

The latest loan approval is on top of the $500-million financing from the multilateral lender, which aims to improve the government's capacity to address disasters like the outbreak.

The funding enables the Department of Health (DOH) to buy more personal protective equipment, medicine, and devices such as mechanical ventilators, cardiac monitors, and COVID-19 test kits. (READ: How poor is the Philippine healthcare system? Many hospitals not qualified to test for coronavirus)

"The government has taken quick and decisive action in the fight against the COVID-19 pandemic and the World Bank is proud to support its efforts. Right now, no other investment offers greater return," said Achim Fock, World Bank acting country director for Brunei, Malaysia, the Philippines, and Thailand.

The loan will also support the DOH in preparing the standard design for hospital isolation and treatment centers.

The Research Institute for Tropical Medicine, as well as 6 subnational and public health laboratories in the country, can now be financed for expansion. – 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.

image