The Philippines has signed the previously announced $500-million loan agreement with the World Bank aimed at supporting the government’s ongoing efforts to ease the social and economic impact of the coronavirus disease 2019 (Covid-19) pandemic on poor households and employees of micro, small and medium enterprises (MSMEs).

In a statement on Thursday, the Department of Finance said the deal for the Philippines’ Emergency Covid-19 Response Development Policy Loan was signed on Wednesday by Finance Secretary Carlos Dominguez 3rd and Achim Fock, World Bank acting country director for Brunei Darussalam, Malaysia, the Philippines and Thailand.