A vendor wearing a face mask for protection against the coronavirus disease sleeps in a stall selling rice at a public market in Quezon City, Metro Manila, Philippines, January 5, 2021. REUTERS
MANILA, Philippines — The World Bank said on Tuesday it has approved a $600 million loan to support the Philippines’ economic recovery and efforts to make its financial sector more resilient. The funds will be channeled toward strengthening its financial sector stability, expanding financial inclusion and improving disaster risk finance, the multilateral bank said in a statement.“Financial inclusion can be a key enabler to speed up poverty reduction and strengthen recovery from the pandemic,” said Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand.
Only half of Filipinos aged 15 and above have a transaction account with a financial institution, below the East Asia and Pacific regional average of 80%, World Bank data shows.
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