MANILA — The World Bank has approved three new grants under its Grant Facility for Project Preparation (GFPP) to help boost employment and reduce poverty in the Philippines, the Department of Finance (DOF) said.

Finance Secretary Frederick Go facilitated government clearances for USD 4.13 million in grant agreements to ensure the projects move quickly toward implementation.

One grant of USD 1.21 million will support the Department of Agriculture’s Improving MSME Access to Finance and Resilience to Climate Shocks Project, aiming to strengthen agricultural financing, modernize insurance systems, and improve rural institutions to increase productivity, rural incomes, and food security.

Another USD 1.21 million grant will fund the Department of Trade and Industry’s Philippines SMEs COMPETE Project, designed to enhance small and medium enterprises’ competitiveness and market access, creating more employment opportunities.

A USD 1.71 million grant will back the Philippines Digital Infrastructure Project Scale-up (Phase II) under the Department of Information and Communications Technology, expanding broadband connectivity in underserved areas, including Western Mindanao and BARMM.

Go expressed gratitude to the World Bank, noting that the grants will accelerate project development and ensure benefits reach communities quickly.