Washington-based multilateral lender World Bank and the Philippine government sign four loan agreements totaling $1.14 billion. The breakdown of the deals includes $750-M from the Philippines First Sustainable Recovery Development Policy Loan. Full story:
MANILA, Philippines – Washington-based multilateral lender World Bank and the Philippine government on Monday, June 26, signed four loan agreements totaling $1.14 billion to finance various initiatives to strengthen the country’s climate resilience, agricultural productivity, and quality of education.
The press release from the Department of Finance did not mention the interest rate and tenor for the loans. The Bureau of the Treasury earlier reported that outstanding debt stood at P13.9 trillion as of end-April, P54.24 billion more than in March, owing to the weakening of the peso against the US dollar.
The Marcos administration is aiming to borrow as much as P2.46 trillion for 2024, an 11% increase from 2023.
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