The World Bank has approved funding support for two government projects in the Philippines that aim to help ensure safe and resilient schools as well strengthen economic recovery.
In a statement over the weekend, the Washington-based agency said its Board of Executive Directors approved 466.07 million euros, or roughly $500 million, in funding for the Infrastructure for Safer and Resilient Schools Project, designed to support the resilient recovery of disaster-affected schools in selected regions of the country.
The multilateral agency also approved the 699.105-million-euro, equivalent to about $750 million, Philippines Second Sustainable Recovery Development Policy Loan to support reforms that boost investment in public service sectors, attract private investment in public infrastructure, promote renewable energy, protect the environment and improve climate resilience.
The Infrastructure for Safer and Resilient Schools Project will finance the repair, rehabilitation, retrofitting, reconstruction and site improvements of schools that were affected by earthquakes and tropical cyclones in recent years.
These interventions will enhance physical learning environments for over 700,000 students.
“Education is a key component of human capital. By improving the learning environment and making schools safer, children are more likely to attend classes, perform better academically, and complete their education,” Ndiamé Diop, World Bank country director said.
The project will prioritize areas where school infrastructure damage and risk are greatest, including the Cordillera Administrative Region, Caraga, Central Luzon, Bicol Region, Western Visayas, Central Visayas, Eastern Visayas, Davao Region and Soccsksargen.
Meanwhile, the second lending program supports reforms that aim to enhance plastic waste reduction, recovery and recycling; promote green transportation; and encourage the production and consumption of environment-friendly goods and services through public procurement.
“The Philippine economy remains resilient in the face of ongoing global and domestic challenges. The reforms supported by this lending program, if implemented, will encourage private investment, innovation and sustained growth,” said Ralph Van Doorn, World Bank senior economist.
“Through these reforms, the Philippines can transition faster to a greener economy and achieve its environmental and climate objectives,” he added.
