World Bank's $200M Loan To Help Philippine Education
Josephine Roque - All Headline News Staff Writer Manila, Philippines(AHN) - The World Bank (WB) has endorsed the release of a $200 million loan to remedy the flagging quality of elementary and secondary education in the Philippines. The loan will be repayed over 20 years. The Southeast Asian nation used to be one of the most highly educated countries, ADB said. Recently national and international test figures have shown the alarming rate of decreasing quality of human capital. World Bank country director Joachim von Amsberg says that inadequate state revenues were to blame, "The recent fiscal reforms and the resulting fiscal improvements have created a more favorable environment to support strategic reforms for better public services, such as education sector reforms. "Increased tax collection can have a direct impact on better public services such as education."
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