The Asian Development Bank has approved a $300-million policy-based loan for the Philippines to help expand Filipinos\u2019 access to financial services and promote the country\u2019s economic growth.
In a statement yesterday, the multilateral lender said the Inclusive Finance Development Program, Subprogram 3, would support the Philippine government’s reforms aimed at increasing financial inclusion by improving the financial infrastructure, including widening the digital financing ecosystem.
“Considering the significant impact of climate change on the vulnerable segments of the population, the reform actions supported by the loan will ensure government assistance can reach people faster during crises and emergencies; help raise climate resilience of farmers and micro, small and medium-scale businesses through expanded insurance, and promote improved financial stability,” she said further.
It has also passed and implemented key legislation on financial consumer protection under the Financial Products and Services Consumer Protection Act. Reforms under the loan are expected to complement other ADB programs in the country including the Competitive and Inclusive Agriculture Development Program Subprogram 2 approved last January.Jollibee kicks off the holidays with new Christmas Chocolate Creations10 dreamy experiences in Europe, America for your 2024 travel bucket list, plus an early bird promo
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