PostHeaderIcon For poverty reduction, RP gets a $405 million loan from World Bank



To lessen the incidence of poverty and hunger, the World Bank (WB) makes available a $405 million loan for the Philippines to support projects that will alleviate the impoverished condition of about 350,000 households.

About 1 in 6 people worldwide experiences hunger each day and poor Filipinos are no exception. To lessen the incidence of poverty and hunger, the World Bank (WB) makes available a $405 million loan for the Philippines to support projects that will alleviate the impoverished condition of about 350,000 households.

About 1 in 6 people worldwide experiences hunger each day and poor Filipinos are no exception. By estimates, the number of individuals suffering from lack of food will reach 1 billion this year throughout the world as the economy stalls. Cielito Habito, an economics professor of Ateneo de Manila says of the 90 million Filipinos, 35% (31.5 million) of them live below the poverty line. It is unlikely that the country, a UN-member nation, will meet its goal of reducing poverty to half its rate by 2015.

To counter the effects of poverty, international groups help indigent nations in maternal and child health, education, employment, and food production. Such money allocated for these projects are needed by the Department of Social Welfare and Development (DSWD) in assisting families come out of economic difficulties.

The WB assistance must go hand-in-hand with the government addressing problems of the economy--- particularly the concentration of economic growth benefits in cities and lack of them in the countryside. (Photo Credit: mykworks) =0=

RELATED BLOG: "Donations sought for this year’s 1 billion hungry people worldwide " Posted by mesiamd at 11/16/2009
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