outbrain
Close  

World Bank OK of $500-M loan seen in May

/ 04:20 AM February 21, 2020

The $500-million loan being sought to further strengthen the Philippines’ resilience to natural disasters will finally be up for World Bank approval in May, but no longer with the catastrophic deferred drawdown option (CAT-DDO) unlike two previous credit lines obtained from the Washington-based multilateral lender.

Documents showed that the Philippines’ Third Disaster Risk Management (DRM) Development Policy Loan (DPL) would likely be approved by the World Bank on May 21, instead of the previous March schedule.

ADVERTISEMENT

The development policy financing to be implemented by the Department of Finance in a single tranche operation will “strengthen the policy and institutional capacity of the government of the Philippines to reduce disaster risk, respond to and recover from natural disasters,” the World Bank said.

The World Bank said that “following a highly unusual series of disaster events in late 2019 and early 2020, the government requested a disbursing DPL to support the immediate response and rehabilitation of these events instead of an original request for a DRM DPL with CAT-DDO,” referring to the series of earthquakes that shook Mindanao island between October and December last year, typhoons “Tisoy” and “Ursula” that battered the country last December, and the eruption of Taal Volcano last month.

FEATURED STORIES

“Through this, the government will be able to strengthen institutional capacity to implement the reforms at the national and local levels,” it added. —BEN O. DE VERA

Read Next
EDITORS' PICK
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: World Bank
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 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.