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By Chino S. Leyco, Reporter
THE Asian Development Bank (ADB) said it has
extended its existing Philippine funding program by two years to
support the country’s medium-term development plan.
Neeraj Jain, ADB Philippine country director
said the regional lender also committed $924 million in loans until
2010. Of this amount, $624 million is earmarked for next year and
$300 million at the end of the term.
“We are currently working with indicative
planning figures of $624 million and $300 million for 2009 and 2010,
respectively and are prepared to make appropriate use of ADB’s
modalities ranging from technical assistance and sector loans to
program loans and multitranche financing facilities,” Jain said.
She said ADB is extending the Country
Partnership Strategy to align it with the government’s Medium Term
Philippine Development Plan.
The Manila-based bank official also said the new
strategy would focus on fiscal consolidation, improved investment
climate, and accelerated attainment of the Millennium Development
Goals.
ADB said the country has to invest more in
governance and capacity development of its local government units.
Bank officials are scheduled to meet with
Philippine officials from July 15 to 25, to discuss appropriate
investment and policy responses on the impact of rising inflation on
poverty reduction.
Last year, ADB approved $583 million in loans to
the government, one of the highest in a decade.
“Performance indicators for the active loans
remained sound, making the Philippines portfolio above the ADB
average,” Jain said.
This year, the program is broadly on track with
the $250-million Development Policy Support Program II and the
$300-million Governance and Justice Reform Program.
At end-December, cumulative lending amounted to
$9.83 billion for 199 investment projects. The Philippines is the
fifth largest borrower accounting for about 7 percent of ADB’s
total sovereign and non-sovereign lending.
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