WB assures PNoy of $500-M emergency loans

A new financing agreement with the World Bank (WB) will provide the Philippines with $500 million in emergency loans, or rapid response contingent line of credit, after major natural disasters, the WB assured the President Aquino on Thursday. The government can access these funds for emergency relief, recovery, and reconstruction operations, WB president Robert Zoellick said in a statement. Zoellick said the Philippines will also get a $2-million grant from the Global Facility for Disaster Reduction and Recovery for a program providing access to internationally known best practices in disaster risk reduction. The funds will come from a partnership of 38 countries and seven international agencies, including the World Bank, to support key priorities in the Philippines’ Disaster Risk Reduction and Management Plan. “I am impressed with the resilience the country has exhibited to recent external shocks, including the impact of typhoons and the El Niño effect," Zoellick said. “The country’s strong financial and trade resources and economic fundamentals have helped cushion the impact of the global economic turmoil on the local economy." Zoellick made this pledge as he met with President Benigno Aquino III on Thursday to express “strong support" for the Philippines in implementing its programs for good governance and poverty alleviation. It was second day of the WB president’s visit to the Philippines. “My visit has helped me better understand the importance of President Aquino’s program for good governance and the government’s priorities to improve the business climate, develop infrastructure, increase investments in health, and education, and protect the most vulnerable people," Zoellick said. '... Heartening to meet women' Meanwhile, the WB president also met with families benefiting from another government project – the conditional cash transfer (CCT) program – that provides financial assistance to parents who send their children to school and give them access to medical check-ups. “It was heartening to hear women speak about their commitment to meet the requirements to send their children to school and to seek health care for their families," Zoellick said, explaining that the best safety net programs “are those that deliver efficiently and effectively to the people who need support the most." “While the program here is very young, the tangible benefits are evidence of the value of these programs and highlight that good governance matters – with better targeting helping to empower poor people," the WB president said. The WB said it has provided “substantial" support to the government’s CCT program through its $405-million social welfare and development reform project with the Philippines’ Department of Social Welfare and Development. — PE/VS, GMA News