World Bank approves $750m loan for Philippines’ digital push

The World Bank approved a $750 million Second Digital Transformation Development Policy Loan to support the Philippines’ ongoing digital transformation efforts, as per its statement issued on Tuesday.

The bank asserted that it is dedicated to helping the Philippine government improve its digital sector by focusing on connectivity, digitalisation, fostering innovation, and forming partnerships with the private sector.

“Digitalisation is a transformative force that can drive productivity-led growth and enhance the efficiency of critical services such as transport, healthcare, education, energy, and agriculture in the Philippines,” said Zafer Mustafaoğlu, World Bank Country Director for the Philippines, Malaysia, and Brunei.

Financial inclusion and digital services are crucial for the growth of micro, small, and medium enterprises (MSMEs), which employ over 60 per cent of the workforce in the country, Mustafaoğlu emphasised.

Attribution: The World Bank report

Subediting: Y.Yasser