rbet PH internet gets boost with $287-M World Bank loan

The World Bank (WB) approved a loan worth 268.22 million euros (about $287.24 million) to fund the broadband internet connectivity project of the Philippine government, which is expected to benefit at least 20 million Filipinos.

In a statement on Friday, the Washington-based multilateral lender said its executive directors approved the fresh financing as part of its “Philippine Digital Infrastructure” project.

Through this initiative, the World Bank will invest in the government’s national fiber optic backbone, middle-mile and last-mile connectivity infrastructure.

Article continues after this advertisement

Also, the lender said the funding will help ensure that these facilities are secure against cybersecurity threats and climate risks.

FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansion

The new financing—which will carry a concessional rate and better terms for the borrower compared with those that come with commercial loans—will add to the government’s debt stock that was pegged at P15.55 trillion as of end-August.

“Improved internet access will help all Filipinos, especially those in remote areas of Mindanao, gain better education, health care, social protection and government services,” said Zafer Mustafaoğlu, World Bank country director for the Philippines.

Article continues after this advertisement

“This project fosters a brighter future for lagging regions by connecting everyone and ensuring that the poorest and most vulnerable Filipinos can benefit from the power of technology,” Mustafaoğlu added.

Article continues after this advertisement

The national fiber optic backbone refers to a network of high-capacity cables that link different regions of the country. Carrying large amounts of data at high speeds, this network serves as the principal data highway for communications within the country.

Article continues after this advertisement

The World Bank said this project will complete the remaining parts of the backbone, connecting the two main international landing stations in Baler (Luzon) and Davao City (Mindanao).

Meanwhile, investments in the middle-mile infrastructure will extend connectivity from the main backbone to more localized underserved areas in the regions of Western Visayas, Central Visayas, Easter Visayas, Zamboanga Peninsula, Northern Mindanao, Davao Region, Soccsksargen and Caraga.

Article continues after this advertisement

WB said the project will create infrastructure foundations that will connect public institutions, schools and hospitals in Eastern Mindanao, along with free Wi-Fi access points in these facilities.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.rbet

READ NEXT HMO liquidity requirement slightly increased          GCash now prefers PSE to Wall Street debut EDITORS' PICK Espenido retracts drug-related allegations vs De Lima SC issues TRO vs Comelec resolution on dismissed public officials NBA: Nuggets give Aaron Gordon 4-year, $133M extension Marcos: PCG 'never alone' in mission to protect PH LIVE UPDATES: Tropical Storm Kristine Marcos smiled, walked away when asked about VP Duterte’s accusation MOST READ SC issues TRO vs Comelec resolution on dismissed public officials Tropical Storm Kristine slightly intensifies; Signal No. 2 in 5 areas LIVE UPDATES: Tropical Storm Kristine Green spaces driving growth: How Filinvest City's Park System enhanced its property value View comments

• PH
• Gets
• rbet
• boost
• Internet