World Bank approves PH’s $600 million loan request for digitalization
MANILA, Philippines — The World Bank approved a $600 million loan on Saturday for the Philippines’ digitalization efforts.
The first Digital Transformation Development Policy Loan (DPL) will help the country to expand its digital infrastructure, spread the growth of digital services, as well as to promote e-commerce and skills development in the digital industry, the World Bank said on its website.
“Greater adoption of digital technology can improve the efficiency and transparency of government services, empowering individuals who were previously far away from decision-making centers,” Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, the Philippines, and Thailand, said.
The Philippines made the loan request in March.
“To extend financial inclusion more widely among individuals and businesses, this DPL will support reforms that promote broader acceptance of digital payments, strengthen trust in digital financial services, and enhance competition in digital financial infrastructure,” the World Bank added.