The World Bank has increased its 2021 loan program for the Philippines to $2.4 billion, covering 12 upcoming projects that the Washington-based multilateral lender’s board is expected to all approve within the year.
On top of the three loans totaling $565 million, which the Inquirer earlier reported, nine more projects were added to the list of scheduled 2021 approvals as of May 5.
The World Bank is expected to green-light the $300-million loan for the Philippines’ seismic risk reduction and resilience project next month; $65 million for the civil service modernization and human resource management project in August; and $200 million for the fisheries and coastal resiliency project in September.
The updated pipeline showed the World Bank is also scheduled to approve the following loans in June: $110 million for the Department of Education’s (DepEd) teacher effectiveness and competencies enhancement project; $280-million second additional financing for the rural development project of the Department of Agriculture (DA); and $400 million for the Philippines’ first financial sector reform development policy financing, which will be implemented by the Department of Finance (DOF).
The World Bank said the upcoming DOF loan was aimed at “strengthening financial sector stability, integrity, and resilience; expanding financial inclusion for individuals and firms; and catalyzing disaster risk and sustainable finance.”
In September, the World Bank is expected to give its thumbs up to the $150-million loan for the Department of Tourism’s sustainable, inclusive and resilient tourism project.
Two loans will be up for approval in November: $100 million for the DA’s Mindanao inclusive agriculture development project; and $200 million for a multisectoral nutrition project.
Three more loans will be tackled by the World Bank board in December: $400 million for the Department of Public Works and Highways’ (DPWH) Pasig-Marikina River Basin flood management project; $100 million for DepEd’s strengthening alternative learning system for all; and $100 million for the Agus-Pulangi Hydropower Complex rehabilitation.
The DOF earlier said it planned to secure this year a total of $23.71 billion in foreign financing via loans and grants from multilateral banks and bilateral development partners as well as through offshore bond issuances.
For the mass vaccination program, the Philippines already borrowed a total of $1.2 billion: $500 million from the World Bank, $400 million from the Manila-based Asian Development Bank and $300 million from the Beijing-based Asian Infrastructure Investment Bank (AIIB).