World Bank Loan For Philippines

The Philippines will receive more than $70.36 million from the World Bank as part of the first phase of a 15-year adaptable programme loan.
The cash is earmarked to help improve agricultural productivity, food security and improve governance within the irrigation sector within the country.
The Philippines Health Secretary Arthur Yap said: “The project will contribute significantly to the government’s priority objective of increasing agricultural productivity and enhancing food security.”
In 2008, Manila was forced to import 2.3 million tones of rice and ration state subsidised stocks to the poorest neighbourhoods. Over the next 15 years, the World Bank is expected to provide a loan of more than $290.36 million with the Philippines Government funding an additional $123.23.
Last year the country faced a food emergency through shortages of rice and corn. Manila was forced to import 2.3 million tonnes of rice, rationing state-subsidised stocks to the poorest neighborhoods.