Wed. Aug 4th, 2021
PHL, World Bank sign $500-M loan pact on Covid-19 relief | Philippine News  Agency

The World Bank is extending a $600-million loan to the Philippine government to help poor families to also cope with the social and economic effects of the coronavirus pandemic.

The Washington-based multilateral lender said in a statement on Thursday that the $600 million will support the Department of Social Welfare and Development (DSWD) in implementing the Pantawid Pamilyang Pilipino Program (4Ps).

“These efforts are critical to ensure that their children can remain in school and stay healthy as the country takes measures to control this pandemic,” Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand, said in a statement.

The DSWD’s 4Ps program grants cash to approximately 4.3 million poor households to ensure their children remain healthy and go to school. This measure also prevent children from entering the labor forice.

Part of the $600-million loan will be used to finance the Philippine government’s push to use digital platforms to streamline processes in delivering social protection. 

“In these difficult times, cash transfers to the poor and vulnerable indirectly support local economies and boost prospects for recovery,” Diop said

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