World Bank approves $750 million loan to boost Philippines’ digital transformation

The World Bank approved a loan of $750 million on Wednesday to boost the digital transformation in the Philippines.
The financial institution said in its press release that the Second Digital Transformation Development Policy Loan supports the Philippines’ efforts to transform the country’s digital sector.
It said the loan would develop the country through enhanced connectivity, digitalisation, a dynamic innovation ecosystem, and private-sector partnerships.
Specifically, the loan will help the country’s efforts to lower barriers to entry and investment in the broadband sector, promote competition, and improve connectivity.
The multilateral lender said that greater digitalisation was crucial for an economy like the Philippines, characterised by a large population spread across many islands.
It added that digital connectivity and Filipinos’ participation in the digital economy are vital to bridging geographic and socio-economic divides.
Zafer Mustafaoglu, World Bank country director for the Philippines, Malaysia, and Brunei, said digitalisation was a transformative force that could drive productivity-led growth and enhance the efficiency of critical services such as transport, healthcare, education, energy, and agriculture in the Philippines.
“By leveraging digital platforms, the country can bridge gaps in service delivery, make sure that individuals and firms have access to affordable financial services and digital solutions that meet their needs, and build resilience against future crises and shocks,’’ Mr Mustafaoglu said.
(Xinhua/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Museum unveils memorial sculpture to immortalise Onyeama N’Eke
The National Museum of Unity, Enugu, on Wednesday unveiled a memorial sculpture and a permanent exhibition gallery in honour of Onyeama N’Eke.

Health
Kwara assembly backs malaria elimination
The Kwara House of Assembly has reaffirmed support for efforts to eradicate malaria and expand healthcare infrastructure across the state.

NationWide
Tambuwal seeks review of housing agencies, better funding for FMBN
Mr Tambuwal called for stronger funding for the Federal Mortgage Bank of Nigeria (FMBN) and a review of government housing policies.

States
Oyo Terrorists: Senate honours slain soldiers, teachers with N50 million donation
Senate president Godwill Akpabio, who gave the approval during the plenary on Wednesday, stated that each of the five bereaved families would receive N10 million.

Anti-Corruption
Ghanaian socialite fraudster Abu Trica faces 20 years in U.S. prison
Abu Trica has been charged with conspiracy to commit wire fraud and money laundering conspiracy.

Health
NANNM-FHI issues 15-Day ultimatum to FG over Kaduna Hospital crisis
The nurses gave an ultimatum that, if an alleged victimisation of its members at the Federal Neuropsychiatric Hospital, Barnawa, Kaduna, was not addressed by July 29.





