Asian Development Bank OKs Another PH Loan
ASIAN DEVELOPMENT BANK – The ADB approved another $400 million or P20.9 billion loan for the Philippines to help the country.
It is no secret to the public that the Philippines is currently facing a lot of domestic and foreign debts. The economy of the country was greatly affected by the COVID-19 pandemic and there were loans intended for responses to the crisis.
A lot of businesses closed amid the pandemic that hit not only PH but several countries across the globe. It is an ongoing global concern. Several small and big businesses were not able to cope with the demands of the pandemic. The restrictions limited their operations for several months and, in some cases, there were businesses that incurred only losses with no income at all.
Aside from the pulling down of the country’s economy, the national government also borrowed money to address the pandemic. There were also loans intended for the purchase of the vaccines against COVID-19.
Based on a report on ABS-CBN News, the Asian Development Bank (ADB) recognizes the need of the Philippines for sources of long-term financing to support the recovery of the industries hit by the pandemic. The bank approved another multi-billion loan to the country.
According to the report, the Asian Development Bank (ADB) approved another $400 million loan to the Philippines or around P20.9 billion. The bank wants to help the country “further deepen its domestic capital markets and increase the supply of long-term finance”.
ADB wants to help the country’s need for long-term finance that could address the gap in its infrastructure financing estimated at around P2 trillion a year up to the year 2030. The bank hopes that the recent loan it approved will help the country build an enabling environment that will attract more long-term investors.
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