Multi-billion-dollar Loan Assistance for the Philippines

The Asian Development Bank (ADB) may lend a multi-billion-dollar loan assistance for the Philippines for the next three years, according to the National Economic and Development Authority (NEDA).

Documents from NEDA showed that the indicative Country Partnership Strategy (CPS) from 2011 to 2013 amounted to $ 2.319 billion.

For next year, the ADB may lend a total of $ 812 million; $ 777 million for 2012 and $ 730 million in 2013.

Of the total assistance, $ 1.57 billion is allotted for project loan and $ 750 million for program loans.

The ADB-Government of the Philippines (GOP) Programming Discussion on Country Partnership Strategy (CPS) was held on Monday at NEDA head office.

In September, the Manila-based lender approved the first loan of the Aquino administration amounting to $ 400 million that will be used to support the government’s dole-out program for the poorest of the poor. The first loan of the Aquino administration was approved by the board of the ADB to support the expansion of the Philippines’ Conditional Cash Transfer (CCT) program, known locally as the Pantawid Pamilyang Pilipino Program or 4Ps. It is seen as a cornerstone of the country’s social-reform efforts in the wake of the global economic crisis.

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