The World Bank (WB) has recently approved a 300 million USD loan to
help the Philippine government implement reforms to intensify
across-the-board development and create more jobs.
On its recent
announcement, the WB said the loan will support the country’s programmes
involving infrastructure, education and public service for
disadvantaged members.
According to Finance Minister Cesar
Purisima V, the Philippines’s economic growth rate was improving, from
5.6 percent in the first quarter 2014 to 6.4 percent in the next
quarter. However, the growth rate in the first haft of this year only
reached 6 percent, lower than the 6.6- 7.5 percent target.
Reforms
carried out in recent years have enabled the Philippine macro-economy
to remain stable, generated more jobs and pushed up poverty reduction
efforts productively.
The minister noted that support from the
international community for reforms and a number of social areas will
help the Philippines consolidate obtained achievements and maintain the
government’s reform drive.-VNA