The government is targeting to improve the country’s infrastructure
and social projects, reduce red tape, and enhance its tax effort with
the $300-million loan obtained from the World Bank.
Presidential Communications Operations Secretary Herminio Coloma
Jr. welcomed the development policy loan program, signed between World
Bank and Finance Secretary Cesar Purisima on behalf of the government,
as a manifestation of trust and support to the Aquino government. Under the loan program, Coloma said the country will get support
in strengthening priority public investments; reducing the cost of
doing business that could translate to more businesses and more jobs;
developing the human capital of the poor; and promoting fiscal
transparency and good governance.
The loan program will also bankroll infrastructure development and
streamlining of business registration processes for micro, small and
medium-sized enterprises, according to Coloma.
Apart from the Department of Finance, the Department of Budget and
Management, Department of Public Works and Highways, Department of
Tourism, Department of Agriculture, Department of Trade and Industry,
Department of Social Welfare and Development, Department of Education,
Department of Health, and the National Climate Change Commission will
also implement programs under the loan agreement.
