Philippines, World Bank sign $300-M loan deal for additional 4Ps funding
MANILA, Philippines — The Philippine government and World Bank signed Thursday a loan agreement providing an additional $300 million financing for conditional cash transfer program for the country’s poorest households.
In a statement, the Department of Finance said the funding from the World Bank seeks to “strengthen” the CCT initiative, also known as the Pantawid Pamilyang Pilipino Program or 4Ps, as well as improve the project’s implementation performance, monitoring and evaluation procedures.
“It will also help boost early childhood development and fight malnutrition among 8.7 million children from some 4.2 million families currently benefitting from the 4Ps program,” the DOF added.
The World Bank has contributed a total of $1.26 billion to the 4Ps since it first provided funding support for this program in 2010.
Under the program, cash grants are provided to poor families to ensure that children stay healthy and in school.
President Rodrigo Duterte this year signed Republic Act 11310, institutionalizing the 4Ps and providing higher cash subsidies for all beneficiaries. — Ian Nicolas Cigaral