WB approves $19m loan for RP

WB approves $19m loan for RP

MANILA: The World Bank has approved a US$19 million loan for
the Philippines to fund a land management project aimed at easing
poverty, the Philippine government said on Friday.

According to the Department of Foreign Affairs (DFA), the loan
will fund a major government project to increase land tenure
security and improve land administration services.

Joachim von Amsberg, World Bank's country director in the
Philippines, noted that the program's overall goal was to
alleviate poverty and enhance economic growth.

The project will implement institutional and legal reforms in
the country's land titling and administration system, an
accelerated land titling program and a uniform property valuation
system.

The DFA said the loan, which was approved by the World Bank's
Board of Directors on May 31, has an eight-year grace period and
a 20-year maturity.-- DPA