The Philippines will receive a loan of $415.2 million from the World Bank and the China-backed Asian Infrastructure Investment Bank (AIIB) to help it solve chronic flooding in Metro Manila. The lenders will put up $207.6 million each for a $500-million project, with the Philippine government footing the balance, the banks said in a joint statement Friday. Over the next seven years, the government plans to rebuild or construct 56 stations to pump floodwaters from the coastal metropolis […]