The Asian Development Bank (ADB) said it will boost its sovereign lending to the Philippines by 66 percent to $3 billion between 2016 and 2018 using its expanded lending capacity.

The Manila-based lender on Tuesday announced it is prepared to increase its sovereign lending for the country between 2016 and 2018 to about $3 billion from $1.8 billion in 2015 to 2017.

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