World Bank approves first Philippine loan since upper-middle-income upgrade for water security
The World Bank has approved a $268.62 million loan to the Philippines to improve water security and sanitation in Bohol, Siargao, and Jolo. The project aims to boost climate resilience and create thousands of jobs over the next 25 years.
Why it matters
This is the first World Bank loan to the Philippines since its upgrade to upper-middle-income status, signaling a shift in the country's development financing model.
The World Bank has approved its first loan for the Philippines since the country was elevated to upper-middle-income country (UMIC) status in July, financing a $268.62-million project to expand climate-resilient water and sanitation services in three islands, improve water security, and generate thousands of jobs.
In a statement on Saturday afternoon, Aug, 1 (Manila time), the World Bank said its Washington-based board approved the Philippines Accelerated Water and Sanitation Project in Selected Areas (AWSPSA) last Friday, July 31, which will increase safe and reliable access to water and sanitation in Bohol, Siargao, and Jolo islands, where water-access gaps and climate risks remain significant.
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