MANILA, Philippines — The government can continue providing cash to poor families so they can send their children to school and keep them healthy, thanks to a fresh $300-million loan approved by the World Bank supporting the “4Ps” or Pantawid Pamilyang Pilipino Program.
The Washington-based multilateral lender said in a statement Friday that its board of executive directors on June 27 green-lighted additional financing for 4Ps, from which 8.7 million Filipino children from 4.2 million families benefit.
“This new funding will finance cash transfers to poor families for a period of two years as well as help combat malnutrition and promote early childhood development,” World Bank said.
“It will also provide technical assistance to the Philippine government to help strengthen implementation and impact, including more efficient payment systems, monitoring and evaluation, and family development sessions,” it added.
BUSINESS
BUSINESS
BUSINESS
Given an yearly budget of about $1.7 billion for 4Ps, the World Bank loan will account for 9 percent of the cost needed until June 2022, it said.
Last April, President Rodrigo Duterte signed into law Republic Act (RA) No. 11310, which institutionalized 4Ps while also providing more cash subsidies to its beneficiaries.
