World Bank Approves $ 600 Million Funding for Philippines Reforms | The powerful 790 KFGO
MANILA (Reuters) – The World Bank has approved a $ 600 million loan for a Philippine reform program aimed at positioning the Southeast Asian country for a competitive and resilient economic recovery, the bank said on Saturday.
The Quick Disbursement Loan supports measures to liberate retail services and promote private investment, lower the cost of doing business, and expand broadband services to boost investment in information technology and communications, the lender added.
Such reforms are crucial in removing both immediate and long-term obstacles to growth, said Ndiamé Diop, the bank’s country director for Brunei, Malaysia, the Philippines and Thailand.
“Reforms that promote competition in broadband and mobile telecommunications will benefit a large part of the underserved populations by increasing coverage and quality of service, increasing their access to markets, as well as to education and services. remote health care, ”Diop said in a statement.
Reforms that lower trade costs and improve the business environment will benefit all businesses, but especially small and medium-sized enterprises, paving the way for a larger market, Diop added.
The Philippines lags behind its East Asian and Pacific counterparts in foreign direct investment in areas such as retail, the bank said, adding that sector reforms could attract investment by leveling the playing field for national and foreign operators.
(Reporting by Enrico Dela Cruz; Editing by Clarence Fernandez)