Monday, July 15, 2013

World Bank releases $300M support for Philippines


The World Bank has released a $300 million development loan to the Philippines to support the government's poverty reduction efforts.
A senior World Bank official says Friday the Philippines' robust economic growth will boost efforts to create more jobs and cut poverty.
Axel van Trotsenburg, the World Bank's Vice President for East Asia and the Pacific, told a press conference that the bank has transferred $300 million to support reforms.
But he says poverty reduction cannot happen overnight and "requires long-term commitment beyond the headlines."
The $250 billion Philippine economy surged 7.8 percent in the first quarter.
Nearly 28 percent of 97 million Filipinos are extremely poor and the government aims to reduce that to 16.6 percent by 2015.
Source: Associated Press

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