1 month ago
19
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
The Marcos administration's chief economic manager has signed another loan agreement with the World Bank, committing to repay the concessional financing until 2053.
A World Bank document showed that Finance Secretary Ralph G. Recto, on behalf of the Philippine government, signed the loan agreement for the Philippines civil service modernization project on April 28.
For the International Bank for Reconstruction and Development (IBRD), the World Bank’s Philippines country director, Zafer Mustafaoğlu, signed the same loan agreement earlier, on March 30. The IBRD is the World Bank's lending arm for developing country clients like the Philippines.
The World Bank board greenlit the $67.34-million loan on March 21. According to the loan agreement, this financing is euro-denominated, equivalent to 61.96 million euros.
The loan takes effect three months after the signature date.
Principal repayments are scheduled twice a year from 2035 to 2053.
"The objective of the project is to improve the efficiency and the quality of human resource and payroll management in selected national government agencies in the Philippines civil service," the World Bank document said.
To be implemented by the Civil Service Commission (CSC), the project will specifically strengthen individual and agency capabilities for human resource management (HRM); establish systems and technologies for effective HRM; as well as implement project management and change management.
"Improving bureaucratic efficiency through the acceleration of digital transformation in government is a key priority of the government of the Philippines. This project will support the development of a smart and future-ready civil service capable of delivering the public goods and services expected in a 'middle class society,'" the World Bank said on its website.
