$980-M World Bank loans coming in June | Inquirer Business
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$980-M World Bank loans coming in June

By: - Reporter / @bendeveraINQ
/ 04:03 AM May 31, 2021

Three new foreign loans totaling $980 million will be added to the Philippines’ ballooning debt pile in June upon the go-ahead from the World Bank.

Scheduled for approval by the Washington-based lender’s board on Wednesday, June 2, is a $300-million loan for the country’s seismic risk reduction and resilience project. The Department of Public Works and Highways project, costing a total of $309.5 million, will help fortify government buildings in Metro Manila from earthquake risks.

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World Bank estimates had shown that “The Big One” scenario—a strong, 7.2-magnitude earthquake along the West Valley Fault—could inflict about 48,000 fatalities and $48 billion in economic losses.

The World Bank will also approve two loans on June 24: $400 million for the first financial sector reform development policy financing that will be implemented by the Department of Finance; and $280-million additional financing for the Department of Agriculture’s rural development project.

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These three forthcoming World Bank approvals formed part of the 13 loans in the multilateral lender’s near-term pipeline for the Philippines, worth a total of $3 billion. INQ

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TAGS: Business, Loans, World Bank
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