Philippines gets WB loan

Philippines gets WB loan

MANILA (AFP): The Philippines announced yesterday that the World Bank had approved a US$1.13 billion loan assistance package to finance 18 projects in the country from 1998 to 2000.

The first six projects, amounting to $267 million, will start in 1998.

The funding includes $100 million for a local government finance and development project and a $57 million water district development project, said economic planning deputy director Dante Canlas.

Canlas and World Bank resident representative Aloysius Ordu said development of the southern island of Mindanao was a priority, particularly areas that suffered from a bloody Moslem separatist insurgency that started in 1973.

As part of this effort, the initial six projects would include a $10 million "social fund" to finance livelihood, infrastructure and basic services projects for a zone including war-torn areas of Mindanao.