World Bank approves 800 mln USD loan to support Philippine fiscal reforms

MANILA, March 13 (Xinhua) -- The World Bank on Friday announced the approval of an 800-million-U.S.-dollar loan to help the Philippines strengthen its fiscal resilience, attract higher-quality private investment, and equip its workforce with skills needed for better and more productive jobs.

The new operation, called the Philippines Growth and Jobs Development Policy Loan, focuses on reforms in three key areas: strengthening fiscal management through revenue and expenditure reforms; expanding opportunities for private investment and innovation by lowering the cost of doing business and promoting competition; and building labor-force capabilities through improvements in skills, education, and innovation systems, the World Bank said.

"By strengthening fiscal foundations, improving the business climate, and investing in human capital, this effort will unlock private investment and equip people with the skills they need to find jobs and thrive," said Zafer Mustafaoglu, World Bank division director for the Philippines, Malaysia, and Brunei.

The Philippines continues to face domestic and external shocks that highlight the value of sustained fiscal and structural reforms to achieve higher, more job-rich growth and reduce economic vulnerabilities, the World Bank said. ■