Philippines gets US$300mil loan from World Bank to fight poverty

Philippine Finance Secretary Carlos Dominguez

MANILA, Nov. 28 (Xinhua) -- The Philippines and the World Bank signed on Thursday an additional 300 million U.S. dollars to finance the government's poverty-reduction program.

According to the Philippine Department of Finance (DOF), the loan agreement, which the Philippine Finance Secretary Carlos Dominguez and World Bank Country Director Mara Warwick signed, aims to further strengthen the government's conditional cash transfer (CCT) program until 2022 by continuing to support the delivery of CCTs to millions of beneficiaries.