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