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June 19, 2024

World Bank Approves $750 Million Loan to Enhance Philippines’ Climate Resilience

The World Bank has given the green light to a $750 million policy loan aimed at promoting environmental protection and climate resilience in the Philippines.

The policy loan will support reforms in renewable energy, plastic waste management, green transport, and climate-related fiscal risks from the agriculture sector.

The loan also includes support for new insurance products for smallholder farmers and the implementation of the Extended Producer Responsibility Act to address plastic packaging waste.