World Bank: $300m to reduce Philippine poverty

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philippines beggar lady

The World Bank has released a $300 million development loan to the Philippines to support the government’s poverty reduction efforts, the bank said in a press conference in Manila on July 12.

Axel van Trotsenburg, the bank’s vice president for East Asia and the Pacific, said the bank has transferred $300 million “to support reforms that will accelerate growth, create more jobs and reduce poverty.”

Although the $250 billion Philippine economy surged 7.8 per cent in the first quarter, around one third of the 97 million population in the country are considered poor. The government aims to cut the ratio to 16.6 per cent by 2015.

Van Trotsenburg said the bank will continue to support government programmes including those that create jobs in rural areas and to expand the Conditional Cash Transfer programme that gives cash to poor families if their children stay in school and have medical care.

He said the bank is also committed to supporting economic development in conflict areas in the southern Philippines.

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Reading Time: 1 minute

Reading Time: 1 minute

philippines beggar lady

The World Bank has released a $300 million development loan to the Philippines to support the government’s poverty reduction efforts, the bank said in a press conference in Manila on July 12.

Axel van Trotsenburg, the bank’s vice president for East Asia and the Pacific, said the bank has transferred $300 million “to support reforms that will accelerate growth, create more jobs and reduce poverty.”

Although the $250 billion Philippine economy surged 7.8 per cent in the first quarter, around one third of the 97 million population in the country are considered poor. The government aims to cut the ratio to 16.6 per cent by 2015.

Van Trotsenburg said the bank will continue to support government programmes including those that create jobs in rural areas and to expand the Conditional Cash Transfer programme that gives cash to poor families if their children stay in school and have medical care.

He said the bank is also committed to supporting economic development in conflict areas in the southern Philippines.

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