WB approves loan for financial sector

THE World Bank has approved a $400-million loan to help the Philippines achieve a resilient financial sector and help ensure a more inclusive recovery from the Covid-19 pandemic.

In a statement on Friday, World Bank said the First Financial Sector Reform Development Policy Financing loan is the first of two programs supporting three reform areas including strengthening financial sector stability, integrity and resilience; expanding financial inclusion for individuals and firms; and promoting disaster risk finance that protects national budgets and businesses as well as the lives and livelihoods of families from the impacts of disasters.