MANILA, Philippines—The World Bank has extended a $300-million loan to the Philippines to fortify government buildings in Metro Manila and prepare for the “Big One”, or an earthquake with an intensity of 7 or more, another project financed by official development assistance (ODA) and added to the country’s record-high debt pile which stood at P10.99 billion as of April 2021.
The lender’s Washington-based board on June 2 approved financing for bulk of the Philippines’ $309.5-million seismic risk reduction and resilience project, which will be implemented by the Department of Public Works and Highways (DPWH).
This project “will upgrade approximately 425 structures including sch…
Keep on reading: WB OKs $300-M loan to fortify NCR buildings vs “The Big One”