Try GOLD - Free

World Bank OKs $1-B loan for PHL

Business World Philippines

June 30, 2026

THE WORLD BANK has approved a $1.02-billion loan to support Philippine reforms aimed at accelerating clean energy deployment, strengthening electricity markets, and improving water management.

In a statement on Monday, the World Bank said it approved the Second Energy Transition and Climate Resilience Development Policy Loan (DPL) last week to help address the high and volatile cost of electricity in the country.

The DPL is comprised of a $1-billion loan from the International Bank for Reconstruction and Development (IBRD) and a $20-million performance-based grant from the Livable Planet Fund.

“(This) is among the largest IBRD operations the World Bank Group has approved in support of the Philippines’ development agenda,” the multilateral bank said, adding that this was shaped by consultations with relevant government agencies, the private sector, utilities, consumer groups, civil society organizations, and local government units.

This story is from the June 30, 2026 edition of Business World Philippines.

Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.

Already a subscriber? Sign In

BSP sets governance principles for banks’ responsible, ethical AI use

PHILIPPINE financial institutions should develop artificial intelligence (AI) governance frameworks that reflect the extent and complexity of their use of these emerging technologies in their operations to manage potential risks and establish safeguards for ethical use, the Bangko Sentral ng Pilipinas (BSP) said.

4 mins

June 30, 2026

Business World Philippines

BPI removes InstaPay, PESONet transfer fees

BANK of the Philippine Islands (BPI) is making interbank fund transfers permanently free starting next month as it will no longer charge fees for InstaPay and PESONet transactions.

2 mins

June 30, 2026

Business World Philippines

Middle East tensions threaten PHL SDGs

THE ESCALATING CONFLICT in the Middle East could further hinder the Philippines’ and the broader Asia-Pacific region’s progress toward achieving the Sustainable Development Goals (SDGs), the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said in a report.

3 mins

June 30, 2026

Business World Philippines

Google limits Meta’s use of Gemini AI models, FT says

GOOGLE has put limits on Meta’s use of its Gemini artificial intelligence (AI) models after the social media company sought more computing capacity than the rival tech group could provide, the Financial Times (FT) reported on Sunday.

1 min

June 30, 2026

Business World Philippines

PEZA approves nearly P16-B investments in June

THE PHILIPPINE Economic Zone Authority (PEZA) approved nearly P16 billion worth of investments in June, mostly projects in export manufacturing and information technology-business process management (IT-BPM).

2 mins

June 30, 2026

Business World Philippines

Peso climbs with US, Iran set to resume talks

THE PESO strengthened against the dollar on Monday after the United States and Iran agreed to stop the latest exchange of attacks and restart their peace talks.

2 mins

June 30, 2026

Business World Philippines

Yields on short-term gov’t debt end higher on hawkish BSP, Fed

THE GOVERNMENT fully awarded the short-term bills it offered on Monday with mostly higher average yields following hawkish signals from both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve, and with the Middle East conflict still unresolved.

3 mins

June 30, 2026

Business World Philippines