Philippines takes on another $300 million ADB loan for financial inclusion

This is the third time the Philippines has loaned $300 million from the Asian Development Bank in the name of promoting financial inclusion

MANILA, Philippines – The Philippines will borrow another $300 million – around P17 billion – from the Asian Development Bank to aid the government in “creating a stronger institutional and policy environment” for more Filipinos to access financial services.

This is not the first time that the Philippines has taken an ADB loan in pursuit of financial inclusion. The Philippines has borrowed $300 million twice from the ADB in the past – once in October 2018 and again in August 2020 as part of the multilateral lender’s Subprogram 1 and Subprogram 2. Where will the money go this time? It will be channeled towards policies and reforms that, according to ADB senior financial sector specialist Kelly Hattel, will allow the government to provide assistance faster during emergencies, expand insurance for the climate resilience of farmers and small businesses, and promote improved financial stability.

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