THE World Bank (WB) has approved a new US$600-million loan to the government to support reform programs designed to push the Philippines’ post-pandemic rebound.

The reform programs aim to position the country for “a competitive and resilient economic recovery” from the adverse impact of the paralyzing COVID-19 pandemic.

It is a development policy loan (DPL) specifically for the “Philippines Promoting Competitivness and Enhancing Resilience to Natural Disasters Sub-Program 3.”

Reports said DPLs provide quick disbursing assistance to countries undertaking reforms. The fresh financing was approved by the World Bank last December 10.

Without doubt, we need adequate financial resources to speed up the implementation of various socio-economic development projects throughout the country.

The problem is the major revenue generating agencies – the Bureau of Internal Revenue and the Bureau of Customs – may not be able to collect enough taxes to fund much-needed programs.

That’s why we support all-out efforts of the government, through concerned offices and agencies, to look for ways and means to hasten the country’s economic recovery.

Government officials have stated, quite clearly, that they would ensure the success of various programs designed to uplift the living conditions of the suffering people.

But truth is, we need money to implement multi-pronged programs and projects.

Walang magagawa ang gobyerno kundi umutang sa World Bank at iba pang international lending institutions kung gusto nating mapabilis ang pagbangon ng ating ekonomiya.

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