MANILA: The World Bank said on Saturday that it has approved 600 million US dollars in financing for the Philippines to support reforms aimed at increasing digitalization.

The Philippines’ First Digital Transformation Development Policy Loan aims to promote the digital transformation of government and digital infrastructure policies, expand financial inclusion through digital finance, and stimulate the growth of digital services.

It will also facilitate reforms to promote e-commerce, enhance competition and value-added activities in digital services markets, and strengthen skills development in the industry, the bank noted.