Philippines Secures US$1.1 Billion From World Bank to Boost Environmental Protection

The Philippines and the World Bank have signed four loan agreements amounting to $1.14 billion to accelerate economic recovery, improve the quality of education, develop the agriculture and fisheries sectors and support environmental protection and climate resilience.

In a statement, the Philippines Department of Finance (DOF) said the loan agreements were signed by Finance Secretary Benjamin Diokno and World Bank country director for the Philippines Ndiamé Diop.

Of the total amount, US$750 million is for the Philippines First Sustainable Recovery Development Policy Loan (DPL) which will support the country’s policy reforms to boost environmental protection and climate resilience, the Philippine News Agency reported.

The DOF said US$276 million will be used to fund projects of the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR), specifically the Mindanao Inclusive Agriculture Development Project (MIADP) and the Philippine Fisheries and Coastal Resiliency (FishCoRe) Project.

“The MIADP aims to increase the agricultural productivity, resiliency, and accessibility to markets and services of organized farmers and fisherfolks in selected ancestral domains and for selected value chains in Mindanao,” the DOF said.

FishCoRe, meanwhile, seeks to improve fisheries management, enhance the value of fisheries production and elevate incomes in selected coastal communities.

Also included in the agreements is the US$110 million loan for the Department of Education’s (DepEd) Teacher Effectiveness and Competencies Enhancement Project (TEACEP) which aims to improve equitable access to quality teaching in Kindergarten to Grade 6 (K-6) in project-supported areas.