Philippines to draw P6 billion from World Bank to fund ''Odette'' rehab, recovery efforts
The Philippines will draw an equivalent of six billion pesos from World Bank loan this week to fund the country's effort to help the victims of Typhoon ''Odette''.
"And within the week, we will draw again $120 million from the same loan facility from the World Bank. That's equivalent to P6 billion to fund the rehabilitation and recovery efforts, in connection with Odette," Finance Undersecretary Bayani Agabin said during The Talk To The People on Tuesday night but aired Wednesday morning.
Agabin said the Philippines will also sign a $300-million loan also with the World Bank later this month to buy COVID-19 booster shots.
"Later this month, Mr. President, we are going to sign a 300-million loan with the World Bank and we expect everything, we expect for it to be effective around, towards the latter part of January. So that will give us funds to purchase our COVID booster shots," he said.
"To support the effort of (vaccine czar) Sec. Charlie (Galvez), (Health) Sec. (Francisco) Duque (III), and Sec. Vince (Dizon), the DOF has actually signed a total of $800 million for booster shots, Mr. President. The $250 million has been signed with the ADB; another $250 million, Mr. President, from AIIB (Asian Infrastructure Investment Bank). This was signed last week, last year and we are just waiting for the opinion of the DOJ for the effectivity of the loan," he added.
Agabin said the DOF was able to draw $80 million or P4 billion pesos loan from the World Bank last December 27. Robina Asido/DMS
