The Philippines is the World Bank's fifth biggest borrower in the 2023 fiscal year.
MANILA -- The Philippines jumped to fifth place from seventh in the list of largest borrowers from the World Bank, according to the multilateral lender’s annual report for 2023.
The country also took out a P10-billion loan from the World Bank for its Philippine Multi-sectoral Nutrition Project , through which it hopes to reduce stunting among children. In its report, the World Bank it is also working on infrastructure projects like the Metro Manila Flood Management Project. In 2019, the Philippines was not even among the top 10 borrowers from the World Bank. However in 2020, when the pandemic hit, the country became the Bank’s number 2 borrower behind India.
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