World Bank Approves 600-mln-USD Loan To Boost Philippines' Digital Transformation
Ijaz Ahmad Published September 30, 2023 | 08:28 PM
The World Bank said on Saturday that it has approved 600 million U.S. dollars in financing for the Philippines to support reforms aimed at increasing digitalization
MANILA, (UrduPoint/APP - UrduPoint / UrduPoint / Pakistan Point News-Sept 30, 2023) :The World Bank said on Saturday that it has approved 600 million U.S. Dollars in financing for the Philippines to support reforms aimed at increasing digitalization.
The Philippines' First Digital Transformation Development Policy Loan aims to promote the digital transformation of government and digital infrastructure policies, expand financial inclusion through digital finance, and stimulate the growth of digital services.
"It will help the government digitize government operations and service delivery, foster competition in the digital infrastructure markets, and encourage the adoption of digital payments and financial services," the bank said.
It will also facilitate reforms to promote e-commerce, enhance competition and value-added activities in digital services markets, and strengthen skills development in the industry, the bank noted.
"Greater adoption of digital technology can improve the efficiency and transparency of government services, empowering individuals who were previously far away from decision-making centers," said Ndiame Diop, World Bank country director for Brunei, Malaysia, the Philippines, and Thailand.
The bank said widespread adoption of digital payments in the Philippines is essential for developing a digital economy, benefiting millions of citizens and small businesses.
"Digitalization can also drive productivity growth by reducing operating costs for firms and enhancing their resilience and preparedness for future crises," Diop said.
Currently, cash is the dominant form of payment for the country's over-the-counter purchases in grocery stores, government service payments, and government fees and penalties.
"Transitioning to a cashless economy would provide various benefits, especially during climate-related and natural disasters, enabling the government and the private sector to respond swiftly and efficiently," said Smita Kuriakose, lead economist in the World Bank's finance, competitiveness, and innovation global practice.
Related Topics
Recent Stories
Nadia Khan reveals decade-long struggle in first marriage
Punjab CM orders to supply of clean drinking water to public
Pakistan expected playing XI against Ireland in third T20I match
SC directs Punjab govt to make arrangements for Imran Khan’s appearance via vi ..
Awam Express meets Tractor-Trolley near Raiwind
Ishaq Dar, Liu Jianchao discuss longstanding cooperation b/w Pakistan, China
Journalist Safety Training Workshop Commences at FCCU
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 14 May 2024
Today Gold Rate in Pakistan 14 May 2024
Avicenna Medical College unveils facts behind ‘staged protest’
Germany eyes huge party as it hosts Euro 2024 amid global turmoil
Khawaja Asif foresees economic stability ahead.
More Stories From Business
-
Scientists visit Guard Agricultural Research and Services
6 minutes ago -
CCP issues notices to 12 beauty product firms for deceptive marketing practices
56 minutes ago -
Korea Feed Association to get 600000 to 700000 metric tons of Corn, Maize's export order from Pakist ..
56 minutes ago -
Sony net profit dips on-year but beats estimate
2 hours ago -
KPT shipping movements report
2 hours ago -
Putin to visit Beijing, meet Xi this week
3 hours ago
-
EXCHANGE RATES FOR CURRENCY NOTES
5 hours ago -
Foreign exchange rates
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 14 May 2024
7 hours ago -
Today Gold Rate in Pakistan 14 May 2024
7 hours ago -
Finance minister seeks SOEs categorization by May 20
16 hours ago -
Ahsan reviews preparations for PM’s upcoming China visit, CPEC Phase-2
16 hours ago