Sunday, November 2, 2014
Government Set to Improve Infra and Social Projects
The government is targeting to improve the country’s infrastructure and social projects, reduce red tape, and enhance its tax effort with the $300-million loan obtained from the World Bank.
Presidential Communications Operations Secretary Herminio Coloma Jr. welcomed the development policy loan program, signed between World Bank and Finance Secretary Cesar Purisima on behalf of the government, as a manifestation of trust and support to the Aquino government. Under the loan program, Coloma said the country will get support in strengthening priority public investments; reducing the cost of doing business that could translate to more businesses and more jobs; developing the human capital of the poor; and promoting fiscal transparency and good governance.
The loan program will also bankroll infrastructure development and streamlining of business registration processes for micro, small and medium-sized enterprises, according to Coloma.
Apart from the Department of Finance, the Department of Budget and Management, Department of Public Works and Highways, Department of Tourism, Department of Agriculture, Department of Trade and Industry, Department of Social Welfare and Development, Department of Education, Department of Health, and the National Climate Change Commission will also implement programs under the loan agreement.
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