The World Bank (WB) has approved a new $750-million development policy loan aimed at helping the Philippine government ramp up its digital transformation efforts, marking its second financial aid of this type to a country where the internet economy has seen rapid expansion. The multilateral lender said on Wednesday that its second digital transformation package would help the government lower barriers to entry and bring investments to the broadband sector, promoting competition and improving connectivity. It added that it would also support government agencies to “adapt to a dynamic legal and regulatory environment, boosting efficiency and transparency through digital technologies.” Further, it said the multimillion-dollar loan would support financial inclusion by promoting secure digital financial services, enhancing transparency and customer protection, and improving payments infrastructure. Article continues after this advertisement Lastly, it said the loan would improve trust in e-commerce, expand logistics, create jobs in digital services and enhance the country’s competitiveness in the digital sector. Article continues after this advertisement “Digitalization is a transformative force that can drive productivity-led growth and enhance the efficiency of critical services such as transport, health care, education, energy and agriculture in the Philippines,” WB country director for the Philippines, Malaysia and Brunei […]
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