The Philippines Second Sustainable Recovery Development Policy Loan supports reforms that increase investment in public service sectors, attract private investment in public infrastructure, particularly in domestic shipping, renewable energy, Xinhua news agency reports. promote sustainable development, protect the environment and improve climate resilience.

World Bank senior economist Ralph Van Doorn said Saturday that the Philippine economy remains resilient despite ongoing global and domestic challenges. "If the reforms supported by this loan program are implemented, it will spur private investment, innovation and sustained growth," he said.

Van Doorn said that through these reforms the Philippines can rapidly transition to a green economy and achieve its environmental and climate objectives.

Given the archipelagic nature of the Philippines, he said maritime transportation is important for trade and connecting its many islands and destinations, allowing efficient movement of goods and products.

Van Doorn said attracting more local and foreign investment in domestic shipping could significantly increase the country's competitiveness.

The loan also supports reforms that aim to increase plastic waste reduction, recovery and recycling, promote green transportation, and encourage the production and consumption of environmentally friendly goods and services through public procurement.