The World Bank approved a $750-million loan to support the Philippine government’s efforts to improve protection of the natural environment as well as resilience to the adverse effects of climate change. | RonWDomingoINQ /PDI
Also, the World Bank noted that achieving the Philippine government’s target of producing half of the country’s electricity output with renewable energy by 2040, and slowing down the expansion of coal-fired power generation capacity from 2026 onwards, would need a significant increase in investments in solar and wind technologies and a strong policy environment conducive for such investments.
Further, the loan supports the introduction of new insurance products suitable for vulnerable smallholder farmers and strengthens the coverage and operations of Philippine Crop Insurance Corp. The multilateral lender believes that, if properly designed and targeted, crop insurance can help stabilize farm income, reduce poverty and provide a climate safety net for food producers.
“Reforms aimed at attracting private investments in public service sectors can open up new sources of economic growth and quality jobs ,” Van Doorn said. Also supported by the loan are amendments to the Public Service Act that allow up to 100-percent foreign ownership in domestic shipping, air transport, land transport, express parcel and delivery, telecommunication, water supply and toll roads.The World Bank sees that increased foreign participation in these industries can improve the quality of service, enhance connectivity and lower operational costs for businesses — thus, making them more competitive.
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