$300 Million loan to combat poverty given by World Bank to Philippines



The World Bank released $300 Million to Philippine’s Department of Finance after WB Vice President visited the informal settlers in Quezon city with President Benigno Aquino III.

“Turning high growth into inclusive growth is increasingly important for the Philippines, by deepening and accelerating reforms that will create more and better jobs to reduce poverty,” Mr. Axel van Trotsenburg of the World Bank was quoted as saying in a news release on his courtesy call on President Aquino.

Its loan maturity is 25.5 years and is given a 10-year grace period.