World Bank lends Philippines US$500mil to counter virus impact

"The COVID-19 pandemic has badly hurt millions of poor and vulnerable Filipino families, particularly daily wage earners," said Achim Fock, World Bank acting country director for Brunei,Malaysia, Philippines and Thailand.

MANILA: The World Bank Group approved a US$500 million loan for the Philippines to help it cope with the economic impact of the novel coronavirus pandemic, the Bank said on Friday.

The Philippine government will begin easing from June 1 one of the world's toughest and longest lockdowns for residents in the capital and other key cities, restoring much-needed activity to an economy facing its deepest contraction in nearly three decades.