|
THE
World Bank said it is waiting for the Philippine
proposal to tap into the bank’s rapid financing facility
to address the immediate needs of the people amid rising
food and oil prices.
Bert
Hofman, WB country director, told reporters the
government may still apply for fund and spur the
government’s conditional cash-transfer program, a
measure that gives financial handouts to the poor.
“The
Philippines is still way below its country ceiling of
$230 million so it can still avail [itself] of the
facility,” Hofman said.
Last
week WB officials, including Hofman, and officials of
the Department of Finance and National Economic and
Development Authority held talks on what the government
should do to get a piece of the said lending facility.
The
procedure on tapping facility has been made “simpler and
straight-forward,” Hofman said.
In May
the WB has launched the $1.2-billion rapid financing
facility to address immediate needs of the world’s poor.
The facility includes $200 million in grants for the
most vulnerable people in the world.
The
facility is also designed to support safety net programs
such as food for work, conditional cash transfers and
school feeding programs.
It
supports food production by supplying seeds and
fertilizer, improving irrigation for small-scale farmers
and providing budget support to offset tariff reductions
for food and other unexpected costs, the WB said.
Hofman,
however, cautioned the government against borrowing more
to preserve the efforts to balance the budget before
President Arroyo steps down from office in 2010. |
