MANILA: The World Bank's Board of Executive Directors has approved a US$500mil to help the Philippines mitigate the impact of Covid-19 (coronavirus) pandemic on poor and vulnerable households, and to provide financial relief to small and medium enterprises.
According to a World Bank statement, the Philippines Emergency Covid-19 Response Development Policy Loan supports the country's efforts to provide social assistance to 18 million poor and vulnerable Filipinos badly hit by Covid-19; expansion of social assistance to 13.6 million affected households that are not part of the program; and support for repatriated overseas Filipino workers.
Fock added that"this new financing can help with the delivery of financial support for struggling families and communities while the country is ramping up efforts to contain the pandemic and reduce its economic impact." The World Bank said government assistance to these firms can help prevent businesses from closing permanently and in the process save millions of jobs as the economy starts to recover.
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