Philippines gets US$300mil loan to fight poverty

  • ASEAN+
  • Friday, 29 Nov 2019

MANILA: The Philippines and the World Bank signed an additional US$300mil (RM1.25bil) to finance the government’s poverty-reduction programme.

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 yesterday – aims to further strengthen the government’s conditional cash transfer (CCT) programme until 2022 by continuing to support the delivery of CCTs to millions of beneficiaries.

The CCT programme, also known as the Pantawid Pamilyang Pilipino Program (4Ps), is a human development measure by the Philippine government that provides conditional cash grants to the poorest of the poor, to improve their health, nutrition, and the education of their children.

Dominguez said the loan agreement will also provide an additional US$300mil of financing for the CCT programme under the second phase of the government’s Social Welfare Development and Reform Programme.

The administration of Philippine President Rodrigo Duterte aims to reduce the nation’s poverty incidence to 14% by 2022, from 21.0% in the first half of 2018.

It will also help boost early childhood development and fight malnutrition among 8.7 million children from some 4.2 million families currently benefiting from the CCT programme, he added. — Xinhua

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