World Bank approves US$900mil funding for two major Philippine projects

A boy wears a face mask as he sells bags in the shopping district of Divisoria, in Manila. Many Filipinos flock to this area to buy cheaper goods as they prepare for Christmas holidays in this predominantly Roman Catholic nation amid government health restrictions to help curb the spread of the coronavirus. - AP

MANILA, Dec 19 (Reuters) - The World Bank has announced this week that its board had approved two projects worth US$900 million to support the Philippines' efforts to recover from the Covid-19 pandemic, improve competitiveness, and build resilience against shocks and natural disasters.

The first is a US$600 million Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan, which will support reforms to improve digital infrastructure, including a national ID project.