World Bank approves $ 500 million loan to the Philippines to fight COVID-19

MANILA – The World Bank said on Friday it approved a $ 500 million (P25.2 billion) loan to the Philippines to help the Southeast Asian nation combat the COVID-19 pandemic.

The financing is part of the Washington-based lender’s $ 14 billion fast-track package to help nations deal with the disease that has killed tens of thousands worldwide.

“The World Bank is committed to supporting efforts to strengthen the Philippines’ capacity to prepare for and respond to natural disasters, as well as economic and health crises like COVID-19,” said Achim Fock, Interim Country Director of the Bank. World Cup for Brunei, Malaysia, the Philippines and Thailand.

“Natural disasters and pandemics disproportionately harm poor families and communities. Improving risk management and the ability to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction,” he said.

The $ 500 million loan is part of a larger package that aims to help the Philippines build resilience to disasters, the World Bank said.

As of Thursday, the Philippines confirmed 4,076 cases of COVID-19, including 203 deaths and 124 recoveries. Luzon, home to half of its 100 million inhabitants, is locked up until April 30 to combat the spread of the disease.