MANILA, The World Bank has approved a
$600 million loan for a Philippine reform programme to position
the Southeast Asian country for a competitive and resilient
economic recovery, the bank said on Saturday.
The quick-disbursing loan backs measures to free up retail
services and promote private investment, cut the cost of doing
business, and expand broadband services to boost investments in
information and communications technology, the lender added.
Such reforms are crucial to level immediate and long-term
barriers to growth, said Ndiamé Diop, the bank’s country
director for Brunei, Malaysia, the Philippines and Thailand.
“Reforms that promote competition in broadband and mobile
telecommunications will benefit a large portion of underserved
populations by increasing coverage and quality of service,
increasing their access to markets, as well as access to remote
education and health services,” Diop said in a statement.
Reforms that lower trade costs and improve the business
environment will benefit all firms but especially small and
medium enterprises, by opening the way to a larger market, Diop
added.
The Philippines lags peers in east Asia and the Pacific in
direct foreign investment into areas such as retail, the bank
said, adding that reforms to the sector could draw investment by
levelling the playing field for domestic and foreign operators.
Source: ASEAN Exchanges