PH borrows almost P17 billion from ADB for financial inclusion
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PH borrows almost P17 billion from ADB for financial inclusion
ABS-CBN News
Published Oct 05, 2023 04:39 PM PHT
MANILA -- The Philippines is borrowing $300 million (almost P17 billion) from the Asian Development Bank (ADB) to boost financial inclusion.
MANILA -- The Philippines is borrowing $300 million (almost P17 billion) from the Asian Development Bank (ADB) to boost financial inclusion.
In a statement, the multilateral lender said the loan will support reforms to expand financial inclusion in the country by improving the country’s financial infrastructure, including widening the digital financing ecosystem.
In a statement, the multilateral lender said the loan will support reforms to expand financial inclusion in the country by improving the country’s financial infrastructure, including widening the digital financing ecosystem.
It will also finance efforts to increase the capacity of financial service providers, including rural banks and nonbank financial institutions, to offer quality products and services through various delivery channels.
It will also finance efforts to increase the capacity of financial service providers, including rural banks and nonbank financial institutions, to offer quality products and services through various delivery channels.
ADB Senior Financial Sector Specialist Kelly Hattel said the loan will help more Filipinos get access to financial products and services, including via digital platforms, to improve their lives and livelihoods.
ADB Senior Financial Sector Specialist Kelly Hattel said the loan will help more Filipinos get access to financial products and services, including via digital platforms, to improve their lives and livelihoods.
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“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," he said.
“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," he said.
Hattel noted that the funding will also help raise climate resilience of farmers and micro, small, and medium-scale businesses through expanded insurance, and make more Filipinos financially stable.
Hattel noted that the funding will also help raise climate resilience of farmers and micro, small, and medium-scale businesses through expanded insurance, and make more Filipinos financially stable.
ADB noted that the Philippine government wants to raise the number of Filipinos holding an account with financial institutions or mobile money providers to 70 percent by 2024.
ADB noted that the Philippine government wants to raise the number of Filipinos holding an account with financial institutions or mobile money providers to 70 percent by 2024.
In September, the BSP said there were 21.9 million basic bank deposit accounts in the first quarter of 2023, up 170 percent from the same period in 2022.
In September, the BSP said there were 21.9 million basic bank deposit accounts in the first quarter of 2023, up 170 percent from the same period in 2022.
The Philippines jumped to fifth place from seventh in the list of largest borrowers from the World Bank, according to the multilateral lender’s annual report for 2023.
The Philippines jumped to fifth place from seventh in the list of largest borrowers from the World Bank, according to the multilateral lender’s annual report for 2023.
A lawmaker earlier said that the government plans to borrow another P2.46 trillion to partly fund the P5.768 trillion national budget for next year.
A lawmaker earlier said that the government plans to borrow another P2.46 trillion to partly fund the P5.768 trillion national budget for next year.
Philippine economic managers however have said that the rising debt was manageable.
Philippine economic managers however have said that the rising debt was manageable.
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