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(Eagle News) – An initial P3 billion in calamity loan funds have been allocated by Pag-IBIG Fund for members in calamity-stricken areas, including those affected by the strong earthquake that hit North Luzon on July 27. Officials of the Pag-IBIG Fund announced on Monday, August 1, as part of its efforts to help the victims of the magnitude 7 quake that hit the region, devastating many areas in northern Luzon. “Pag-IBIG Fund has allocated […]
(Eagle News)–The World Bank has approved a $100-million loan for the Philippines’ COVID-19 Emergency Response Project. “The government has taken quick and decisive action in the fight against the COVID-19 pandemic and the World Bank is proud to support its efforts. Right now, no other investment offers greater return,” Achim Fock, World Bank country director for Brunei, Malaysia, Philippines and Thailand, said in a statement on Thursday, April 23. The COVID-19 Emergency Response project, which […]
by Susan STUMME Agence France-Presse WASHINGTON DC, United States (AFP) — For many Americans, checking the mailbox is a daily ritual, a constant in a quickly changing world that can yield anything from wedding invitations to tax audits to new clothes. But as with many ordinary things as the coronavirus crisis unfolds, the US Postal Service — already compromised by a mountain of debt — has a most uncertain future. “The Postal Service is holding on […]
(Eagle News) — The World Bank on Friday, April 10, approved a $500-million loan to boost the Philippines’ capacity to “support urgent needs created by the COVID-19 crisis.” In a statement, the World Bank said its board of executive directors approved the Third Risk Management Development Policy Loan” also to help the Philippines “address disaster risks, respond to and recover from natural disasters.” “The World Bank is committed to supporting efforts to strengthen the Philippines’ […]
(Eagle News)–Finance Secretary Sonny Dominguez on Thursday, April 9, said he was eyeing a $5.6-billion loan from the World Bank and the Asian Development Bank to help boost the Philippine economy amid the coronavirus disease 2019 pandemic. According to Dominguez, “kung kulang pa, we will probably be going sa commercial market.” “We are confident we have the financial capability to bridge this problem that COVID-19 has brought us,” he said, assuring the public that “at […]
(Eagle News) — The World Bank has allotted US$100-million fast-track loan to the Philippine government for the procurement of personal protective equipment for (PPE) for health care workers, and other equipment needed to contain the spread of the coronavirus disease in the country. The $100 million aid to the Philippines to fight COVID-19 will help the Department of Health in the procurement also of testing and laboratory materials, quarantine areas, isolation rooms and other […]
(Eagle News) — The Philippines has signed a $202.04-million loan agreement with Japan for the financing of the construction and improvement of roads in Mindanao’s conflict-affected areas, including the war-torn city of Marawi. According to the Department of Finance, quoting the Japan International Cooperation Agency, the amount includes funding for consulting services and civil works covering 176.6 kilometers of access roads, including 19.8 km of the Marawi Ring Road and 23 km of the Marawi […]
(Eagle News) — Leftists on Thursday, May 9, urged the Supreme Court to put a stop to the enforcement of the Philippines’ Kaliwa Dam loan agreement with China. In filing the petition for prohibition with an urgent prayer for the issuance of a temporary restraining order or a writ of preliminary injunction, Neri Colmenares, Bayan Muna Rep. Carlos Zarate, Anakpawis Rep. Ariel Casilao, Gabriela Reps. Emmi de Jesus and Arlene Brosas, Alliance of Concerned Teachers […]
(Eagle News) — Supreme Court administrator Jose Midas Marquez is facing a graft and corruption complaint over his alleged misuse of $21.9 million worth of World Bank loans received by the High Court in 2003. Rizza Joy Laurea filed the case for violation of Section 3(e) of the Anti-Graft and Corrupt Practices Act and Section 7(a) of the Code of Conduct and Ethical Standards for Public Officials and Employees against Marquez before the Ombudsman on Monday, […]
Says aim is to sustain growth rate at 7 percent, to bring down poverty incidence rate to 14 percent by 2022 (Eagle News) — President Rodrigo Duterte on Saturday, May 5, said there was a need to “put our house in order,” vowing to be “harsh” against those who prevented the country from achieving this goal. According to the President, who spoke in closing ceremonies of the Asian Development Bank Annual Meeting in Mandaluyong, he […]
WASHINGTON, United States (AFP) — The International Monetary Fund on Thursday approved the release of $251 million to Sri Lanka, the latest payment of a three-year loan that had been delayed amid differences over the scope and pace of reforms. The IMF approved the $1.5 billion loan in June 2016 following a balance of payments crisis in Sri Lanka. With this latest tranche it has released a total of $760 million. While noting the progress […]
WASHINGTON, United States (AFP) — The International Monetary Fund late Thursday approved a new, $1.8 billion loan program for Greece but will not release any funds immediately, in a highly unusual compromise step. The IMF last month announced it would revive the seldom-used option of approving a loan “in principle,” in order to convince eurozone finance ministers to release desperately-needed new funds to Greece. The latest 8.5 billion euro disbursement from the eurozone loan program […]
