ADB approves $300-M loan for Philippine financial inclusion expansion
MANILA, Philippines — The Asian Development Bank’s board of directors has approved a $300 million loan to support the Philippine government’s effort to expand financial services across the country.
ADB Senior Financial Sector Specialist Kelly Hattel said public and private sector entities that provide financial services would benefit from the program.
Businesses, including micro, small, and medium-sized enterprises, and individuals will also benefit as they will have better access to a wider range of appropriate financial services and stronger protection against economic shocks, Hattel added.
“The program reflects the strong commitment of the government and ADB to expand financial inclusion in the Philippines and address the challenge of high inequality, which has persisted despite rising and sustained economic growth,” Hattel said.
“The program builds on important actions taken by the government to strengthen the policy framework for financial inclusion and the infrastructure that supports the delivery of these services. We believe this program has all the right ingredients to achieve positive gains in financial inclusion and to improve the lives of Filipinos from Tawi-Tawi to Batanes,” she added. — Ian Nicolas Cigaral
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