The World Bank said Saturday its board of executive directors approved $600 million in financing for the Philippines to support reforms aimed at increasing digitalization.
The World Bank said the loan would facilitate reforms to promote e-commerce, enhance competition and value-added activities in digital services markets and strengthen skills development in the industry. Widespread adoption of digital payments in the Philippines is essential for the development of a digital economy, benefiting millions of citizens and small businesses.
“With digital transactions, affected individuals can receive government assistance or insurance payouts promptly, facilitating their recovery and rebuilding efforts,” Kuriakose said. Only a small percentage of small businesses have been able to fully embrace digitalization. About one in three adults still doesn’t have a transaction account with a financial institution. To help address these concerns, the program will support reforms that aim to enhance competition and invest in broadband services to reduce the cost and improve the quality of services and increase access.