The World Bank has given the green light for loans totalling $1.25 billion to support projects in the Philippines. These initiatives focus on enhancing school infrastructure to ensure safety and resilience, as well as bolstering economic recovery.
In an announcement made over the weekend, the World Bank said that its executive directors had sanctioned $500 million for the Infrastructure for Safer and Resilient Schools Project and $750 million for the Philippines Second Sustainable Recovery Development Policy Loan.
The objective of the Infrastructure for Safer and Resilient Schools Project is to assist in the recovery of schools that have been impacted by disasters in the Philippines, focusing on enhancing their resilience.
The project will involve conducting repairs, rehabilitation, retrofitting, reconstruction, and site improvements in schools severely impacted by earthquakes and tropical cyclones in recent years, The Philippine Star reports.
These efforts will focus on regions including the Cordillera Administrative Region, Caraga, Central Luzon, Bicol Region, Western Visayas, Central Visayas, Eastern Visayas, Davao Region, and Soccsksargen.
It is anticipated that over 700,000 students will benefit from these improvements.
“Education is a key component of human capital. By improving the learning environment and making schools safer, children are more likely to attend classes, perform better academically and complete their education,” said Ndiamé Diop, World Bank country director for Brunei, Malaysia, the Philippines and Thailand.
In addition, the project includes improvements to the Department of Education’s operations and maintenance manual and tools, to ensure effective management and upkeep of infrastructure in the aftermath of disasters.
“By strengthening the resilience of educational facilities, disruptions to learning caused by natural disasters can be minimized, ensuring that children can continue their education with fewer interruptions,” World Bank senior disaster risk management specialist, Fernando Ramirez Cortes said.
Meanwhile, the Second Sustainable Recovery Development Policy Loan is designed to bolster reforms aimed at accelerating the Philippines' economic recovery. This includes initiatives such as increasing investments in public service sectors, encouraging private investment in domestic shipping infrastructure, promoting renewable energy, safeguarding the environment, and enhancing climate resilience efforts.
“The Philippine economy remains resilient in the face of ongoing global and domestic challenges. The reforms supported by this lending program, if implemented, will encourage private investment, innovation and sustained growth,” according to World Bank senior economist, Ralph Van Doorn.
“Through these reforms, the Philippines can transition faster to a greener economy and achieve its environmental and climate objectives,” he added.