Manila, June 29 -- The World Bank Group approved a USD1-billion financing to help the Philippines expand access to affordable, reliable electricity and strengthen water security of Filipinos.

In a statement Monday, the World Bank said the Second Energy Transition and Climate Resilience Development Policy Loan (DPL) responds to one of the most pressing challenges facing Filipino households and businesses today: the high and volatile cost of electricity.

The DPL consists of a USD1 billion loan from the International Bank for Reconstruction and Development (IBRD) and a USD20 million performance-based grant from the Livable Planet Fund.

World Bank said this was shaped by extensive consultations with relevant government agencies, the priva...