PH gets $500-M World Bank credit line to reduce disaster risk

MANILA - The Philippines has secured a $500 million credit line from the World Bank to support efforts to manage risks posed by natural disasters.

The Southeast Asian country can get access to the credit line if its president declares a state of calamity, the bank said in a statement.

It is the second such financing option the bank has provided the Philippines, which is the first country in the Asia-Pacific region to use such a credit line.

"If not managed well, disasters can roll back years of development gains and plunge millions of people into poverty," World Bank Country Director Motoo Konishi said.

The Philippines is frequently hit by natural disasters such as typhoons, earthquakes and volcanic eruptions, with on average more than 1,000 people killed every year, most of them by the 20 or more typhoons that hit annually.

In 2013, typhoon Haiyan killed more than 6,300 people and left 1.4 million homeless in the central Philippines.

source: www.abs-cbnnews.com

World Bank extends $300-M loan for PH

MANILA, Philippines -- The World Bank has approved a new development policy loan (DPL) for the Philippines to help the country enact its reforms in accelerating inclusive growth and creating more jobs.

In a statement, the World Bank said the loan, worth $300 million, is expected to improve investments related to climate change mitigation, strengthen governance, and enhance the poor's access to basic education and health.

"With this new financing program, we are ramping up investments in infrastructure to make the country more conducive to doing business. We have increased allocation for tourism infrastructure in order to attract more tourists from within the country and abroad. All these measures help generate more jobs," Finance Secretary Cesar V. Purisima said in the statement.

World Bank Country Director Motoo Konishi, for his part, said in the statement: "The Philippines is vigorously implementing a comprehensive reform agenda centered on restoring people’s trust in government through improved governance and empowering them to rise above poverty. We are pleased to support the program through the DPL as well as through our broader engagement under the Bank’s country assistance strategy."

source: abs-cbnnews.com