MANILA, June 29 (Xinhua) -- The World Bank Group has approved new financing for the Philippines to expand access to affordable, reliable electricity and strengthen water security for Filipinos.

A man uses his umbrella to shield him from a drizzle on Friday, June 26, 2026 in Manila, Philippines. (Photo: AP)

A key component of the financing approved on June 25 is a development policy loan (DPL) comprising a 1-billion-U.S.-dollar loan and a 20-million-U.S.-dollar performance-based grant, designed to help address high and volatile electricity costs.

The program supports key energy reforms, including the integration of electric vehicle charging into utility planning and an offshore wind project.

It is also expected to tackle challenges in the water sector, and support cost-recovery tariff frameworks, a unified financing structure that prioritizes poor and climate-vulnerable communities, and bulk water pricing regulations.