WB $4.13-M grant to boost jobs, reduce poverty in Phl

The World Bank has approved three new grants totaling USD4.13 million this year to support job creation and poverty reduction in the Philippines, the Department of Finance (DOF) said recently.

Grants, provided at no cost to the government, fully fund critical preparatory work while preserving fiscal space for priority projects.

Finance Secretary Frederick Go facilitated swift government clearances for the grants to ensure projects move quickly toward implementation.

Among the approved initiatives is the Department of Agriculture’s Improving MSME Access to Finance and Resilience to Climate Shocks Project, which aims to strengthen agricultural financing, modernize insurance systems, and improve rural development institutions. Supported by a USD1.21 million grant, the project is expected to boost productivity, increase rural incomes, create jobs, improve food security, and help communities cope with climate-related shocks.

The Department of Trade and Industry also received a USD1.21 million grant for the Philippines Small and Medium Enterprises (SMEs) COMPETE Project, which seeks to enhance SME competitiveness, enabling them to scale up, access broader markets, and generate more employment.

Meanwhile, the Department of Information and Communications Technology will implement the Philippines Digital Infrastructure Project Scale-up (Phase II) with a USD1.71 million grant. The project will expand broadband connectivity in underserved areas, including Western Mindanao and the Bangsamoro Autonomous Region in Muslim Mindanao, covering feasibility studies, engineering designs, stakeholder engagement, and capacity building.

“I thank the World Bank for its continued support to the Philippines. These grants are vital for project development, and we will ensure they are finalized and signed without delay so the benefits reach our fellow countrymen as soon as possible,” Go said.