PH gets $300M WB loan for poverty reduction
By Michelle V. RemoThe World Bank has approved the extension of a $300-million loan to the Philippines to support the country’s efforts to attract investments and reduce the incidence of poverty.
The World Bank has approved the extension of a $300-million loan to the Philippines to support the country’s efforts to attract investments and reduce the incidence of poverty.
There is a potential controversy surrounding oil palm that could discourage domestic and foreign investments. If not nipped in the bud, it will have an impact on poverty reduction, particularly in Mindanao.
There is a strategic link between poverty reduction and markets. Market size and growth are important to business as they affect profits and investment scale.
As the country’s population grows, the need to create more jobs intensifies.
The Bangko Sentral ng Pilipinas is keen on helping realize the plan to allow cross-border trading of securities within Southeast Asia, saying it is one way to help the Philippines and its neighbors achieve inclusive economic growth—that is, one that redounds to poverty reduction.
The World Bank is considering extending more funding support for the conditional cash transfer (CCT) program and other income-generation initiatives in the country after it cited the failure of the country’s economic growth to reduce poverty.
The International Monetary Fund said the Philippine economy should grow modestly this year on domestic demand despite the risks to the broader global economy from Europe’s sovereign debt crisis, but raised concern on the country’s inability to translate economic growth into poverty reduction.
The World Bank will continue to provide financial and technical support to the Philippines over the next two years to further reduce poverty incidence in the country.
