The Philippines is seeking from the World Bank another $500-million loan to replenish funds being doled out to poor families and small businesses affected by the COVID-19 pandemic. | bendeveraINQ
Specifically, the financial assistance will “deepen the benefits under the existing 4Ps ; expand the reach of social assistance to affected households that are not part of the 4Ps , and assist vulnerable overseas Filipino workers,” the World Bank said, referring to the conditional cash transfers under the Pantawid Pamilyang Pilipino Program.
The World Bank noted that micro and SMEs accounted for 99.5 percent of all businesses in the Philippines, but they had been hit hard by the COVID-19 outbreak and were at risk of bankruptcy in the absence of public support.
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