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October 02, 2023

Philippines and World Bank finalize $1.14B loan agreements for economic recovery and resilience

The Philippines and the World Bank have recently signed four loan agreements worth $1.14 billion to support the country’s economic recovery efforts, strengthen climate resilience, improve education quality, and boost the agriculture and fisheries sector.

Finance Secretary Benjamin Diokno signed the agreements on behalf of the government, while World Bank Country Director Ndiamé Diop represented the multilateral organization.

The agreements include the $750-million First Sustainable Recovery Development Policy Loan, aimed at promoting renewable energy investment, plastic waste management, green transportation, and the reduction of climate-related financial risks in agriculture.

The Department of Agriculture’s Bureau of Fisheries and Aquatic Resources will receive $276 million to implement the Mindanao Inclusive Agriculture Development (MIADP) and Philippine Fisheries and Coastal Resiliency (FishCoRe) projects, aimed at enhancing productivity, resilience, and market accessibility for farmers and fisherfolk in Mindanao.

In addition, the Department of Education will utilize $110 million for the Teacher Effectiveness and Competencies Enhancement Project (Teacep), which aims to improve the quality of education for Kindergarten to Grade 6 students in selected areas of the Zamboanga Peninsula, Soccsksargen, and the Bangsamoro Autonomous Region in Muslim Mindanao.

The signing of the agreements using digital technology reflects the World Bank’s commitment to streamlining business processes.


PNB recognized during SSS’s 66th anniversary celebration

Philippine National Bank (PNB) has received two prestigious awards from the Social Security System (SSS) during the “Balikat ng Bayan” Awards (BBA) 2023 for their adherence to SSS requirements and their commitment to enhancing services for Filipino workers both in the country and abroad.

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