RP, WB sign $100-M loan

The Philippines signed a $100-million loan agreement with the World Bank yesterday, with Finance Secretary Jose Isidro Camacho signing for the government and World Bank country director Robert Vance Pulley signing for the WB.

The loan will be used for a project to improve basic social services of the country through enhanced performance and governance in the education, health and social services sectors.

The project, which is called Second Social Expenditure Management, has three main components: (1) to provide budgetary support and improve procurement and budget execution for key programs in education, health and social welfare; (2) to support the implementation of core management systems improvement, including financial management, and (3) to develop and implement transparency and accountability mechanisms, including performance management, public expenditure tracking surveys, and client feedback.

"With government’s limited resources, the assistance of World Bank will definitely help the government in delivering better social services to the poor," Camacho said.

The Department of Education, Department of Social Welfare and Development, Department of Health and Department of Budget and Management will work together on implementing the project.