world bank loan philippines

World Bank approves ₱5-B loan loan for PH’s COVID-19 emergency response project

The World Bank has approved a US $100 million (about ₱5 billion) loan for the Philippines’ COVID-19 Emergency Response Project.

In a statement, the World Bank said the loan financing will help the country meet urgent healthcare needs during the pandemic and bolster its public health preparedness.

The project, which will be implemented by the Department of Health (DOH), will focus on providing essential healthcare delivery system for critical medical services to accommodate the increasing demands in the coming months.

This also includes procurement of COVID-19 test kits, personal protective equipment (PPE), drugs such as antivirals, antibiotics and essential medicines; medical supplies and equipment like cardiac monitors, ventilators, portable x-ray machines.

“Boosting the country’s capacity to respond to COVID-19 will save lives,” said Achim Fock, World Bank acting country director for Brunei, Malaysia, Philippines and Thailand.

“The government has taken quick and decisive action in the fight against the COVID-19 pandemic and the World Bank is proud to support its efforts. Right now, no other investment offers greater return.”

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