World Bank 'redesigns' $1.9 billion worth of projects in PH to boost pandemic recovery

ABS-CBN News

Posted at Aug 14 2020 03:11 PM

Members of the local Barangay Health Unit patrol the streets to make sure the lockdown at Bgy. San Martin De Porres in Parañaque City is implemented on August 13, 2020. Jonathan Cellona, ABS-CBN News/File

MANILA - The Department of Finance said Friday the World Bank has redesigned some $1.9 billion worth (P92.5 billion) of projects in the Philippines to support its economic recovery plan from the coronavirus pandemic.

The redesigned plan includes improving the social protection initiatives for the poor and vulnerable households and supporting the government's capacity to delivery basic education through distance or remote learning, the DOF said in a statement.

The pipeline also covers policy loans and projects to improve the country's competitiveness, bridge the gap in supply chains and provide jobs to communities hit by the pandemic.

World Bank Country Director for Brunei, Malaysia, the Philippines and Thailand Ndiamé Diop also said the bank would support the government's Build, Build, Build program.

As of April, the World Bank has disbursed a total of $1.2 billion in concessional financing to the Philippines to support its fight against COVID-19.