4 hours ago
2
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
Filipinos will repay another World Bank loan until 2053, after the Marcos administration's chief economic manager signed the agreement for the Philippines first energy transition and climate resilience development policy loan (DPL).
On behalf of the Philippine government, Finance Secretary Ralph G. Recto signed the loan agreement on Wednesday, April 30, allowing the Department of Finance (DOF) to draw funds from the $800-million financing three months from now.
Zafer Mustafaoğlu, the World Bank's country director for the Philippines, signed the same loan agreement last April 4, representing the International Bank for Reconstruction and Development (IBRD), which is the Washington-based multilateral lender's arm for developing country clients.
To recall, the World Bank approved this DPL on March 31—the last of the four Philippine loans greenlit by the lender during the month of March.
The World Bank board approved two loans last March 5: the $454.94-million Mindanao transport connectivity improvement project, and $495.6-million Philippines health system resilience project.
On March 21, the lender also approved financing for the $67.34-million Philippines civil service modernization project.
As such, the World Bank's loan approvals for the Philippines last March totaled nearly $1.82 billion.
According to the loan agreement, the newest DPL would bankroll the Philippines' plan to scale up adoption of clean energy technologies; increase the security, flexibility, and competition of electricity markets; as well as improve water management across water uses.
This loan will be effective until June 2026. The Philippine government will repay it twice a year starting 2036 until 2053.
