Support from the Asian Development Bank

Article excerpt

IN view of gains posted by the Philippine economy, especially due to the government's fiscal policies, the Asian Development Bank (ADB) headed by its Chairman and President Haruhiko Kuroda has committed to increase these gains by way of two loan programs for the Philippine Power Sector Development Program and the Financial Market Regulation and Intermediation Program. The loan package totals US$ 650 million.

These two programs come at an important time in the Philippines when the government is out to undertake further reforms and to make investments in infrastructure and public services that are vital to continued economic growth and to the sharing of the benefits of that growth with all of its citizens.

For the Philippine Power Sector Development Program, ADB committed to provide the Philippine government a $450-million loan to support restructuring of the power sector with the aim of ensuring a stable supply of electricity and creating a sound investment climate needed to generate employment, while improving the country's fiscal position.

The ADB and other donors, including the World Bank and the Japan Bank for International Cooperation, have worked closely with the government over the past eight years to develop and implement reforms that will restore the financial viability of the power sector. …