The World Bank on Friday approved a 500-million-dollar loan for Philippines to boost the country’s capacity to address the coronavirus pandemic.
Achim Fock, an official with the World Bank said natural disasters and pandemics often cripple low-income families and communities. Hence the need to approve the loan as part of the World Bank’s long-standing support to the Philippines to prepare for and recover from disasters.
It was the third loan the World Bank granted the south-east Asian country since 2012.
“Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction,” Fock said.
Philippines Department of Health reported 206 new confirmed cases of coronavirus in the Philippines, bringing the country’s total to 4,076.
An additional 21 deaths were also recorded, pushing the death toll to 203, while 124 patients recovered.