The Philippines First Sustainable Development Policy loan would be used to accelerate the country’s economic recovery and boost long-term growth.
He noted that renewable energy can help the Philippines mitigate climate change and bring numerous benefits, including enhanced energy security, the creation of green jobs, and improved access to electricity.The Philippine government has set an ambitious target of 50 percent of renewable energy in total power generation by 2040 and has started to pursue reforms to implement it, supported by this financing operation.
“This financing program also supports the introduction of new insurance products suitable for vulnerable smallholder farmers and strengthens the coverage and operations of the Philippine Crop Insurance Commission,” World Bank said.
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