World Bank approves $250 mln loan for Philippines

MANILA: The World Bank will lend the Philippines $250 million to support the government's plans to improve governance, reduce poverty and increase economic growth, and said it could make further concessional loans depending on the progress of reforms.
The loan has an interest rate based on LIBOR plus variable spread, and a maturity of 25.5 years, including a 10-year grace period.
"We are pleased to support this reform agenda through this DPL (Development Policy Lending) as well as a broader program under our extended Country Assistance Strategy," World Bank Country Director Bert Hofman said in a statement.