Close  

World Bank okays fresh $300-M loan to finance 4Ps until 2022

By: - Reporter / @bendeveraINQ
/ 05:16 PM June 28, 2019

MANILA, Philippines — The government can continue providing cash to poor families so they can send their children to school and keep them healthy, thanks to a fresh $300-million loan approved by the World Bank supporting the “4Ps” or Pantawid Pamilyang Pilipino Program.

The Washington-based multilateral lender said in a statement Friday that its board of executive directors on June 27 green-lighted additional financing for 4Ps, from which 8.7 million Filipino children from 4.2 million families benefit.

ADVERTISEMENT

“This new funding will finance cash transfers to poor families for a period of two years as well as help combat malnutrition and promote early childhood development,” World Bank said.

“It will also provide technical assistance to the Philippine government to help strengthen implementation and impact, including more efficient payment systems, monitoring and evaluation, and family development sessions,” it added.

FEATURED STORIES

Given an yearly budget of about $1.7 billion for 4Ps, the World Bank loan will account for 9 percent of the cost needed until June 2022, it said.

Last April, President Rodrigo Duterte signed into law Republic Act (RA) No. 11310, which institutionalized 4Ps while also providing more cash subsidies to its beneficiaries.

Based on World Bank’s 2018 poverty assessment report, 4Ps being implemented in 145 cities and 1,483 municipalities nationwide was able to increase by 4.9 percent the enrolment among 12-17 year-old kids; hiked by a tenth the enrolment among 16-17 year-old children; reduced by 30 percent the enrolment gap between boys and girls aged 6-14; and provided greater access to maternal and child health services among poor mothers.

Among the active beneficiary-families, 41 percent come from Luzon, 21 percent from Visayas, and 38 percent from Mindanao, World Bank data showed.

The bulk of beneficiary-households in Mindanao live in the newly formed Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), while 15 percent were from indigenous communities, World Bank also said.

In 2016, World Bank disbursed a $450-billion loan to cover about 7 percent of 4P’s implementation cost for the period 2016 to 2019.

“This additional financing shows the World Bank’s continuing commitment to the country’s social protection program as it grows with greater sophistication to tackle a broader array of development concerns, including child malnutrition. Since 2008, the 4Ps has promoted safer birth deliveries and has improved poor children’s access to educational and health services. We are proud to support programs such as this that help millions of families overcome poverty,” said Mara K. Warwick, World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand.

ADVERTISEMENT

“Over the last decade, the Philippines has undertaken significant steps to build its social protection system. Besides the 4Ps, the government is updating the national household targeting system (Listahanan). It has also expanded its social pension program, and has provided livelihood opportunities for the poor, including food and other subsidies to compensate for higher inflation, and it is promoting use of cash transfers to respond to natural disasters,” World Bank noted.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 4Ps, Business, business news, economy, government service, loan, local news, News, Pantawid Pamilyang Pilipino Program, Philippine news updates, Poverty, World Bank
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.