loans and grants

World Bank loans Philippines $600 million for poor households

Ralf Rivas
World Bank loans Philippines $600 million for poor households

Tatay Rene Patual, 52, holds his grandson amidst the sea of LSIs filling the baseball stadium. Photo by KD Madrilejos/Rappler

Photo by KD Madrilejos/Rappler

The latest World Bank loan aims to help Filipinos severely affected by the coronavirus crisis

The World Bank on Wednesday, September 30, approved a $600-million loan to cushion the coronavirus pandemic’s impact on poor Filipino households.

The latest loan support would help fund the Philippines’ conditional cash transfer program, known as the Pantawid Pamilyang Pilipino Program or 4Ps.

The amount would also be used to support the Department of Social Welfare and Development‘s programs to go digital and hasten cash transfers to poor households.

“These efforts are critical to ensure that their children can remain in school and stay healthy as the country takes measures to control this pandemic,” said Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines, and Thailand.

“In these difficult times, cash transfers to the poor and vulnerable indirectly support local economies and boost prospects for recovery,” he added. (READ: Duterte’s loans for coronavirus and why PH might need more)

The multilateral lender has supported the 4Ps since its inception during the Arroyo administration.

The program has benefited over 4 million families or around 20% of the population, the World Bank 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.