ADB Helps Expand Philippines Financial Reform Scheme

Banks line the streets of Makati city, a key financial hub in the Philippines. The Asian Development Bank has offered a loan of USD200 million to finance the second phase of the Philippines' financial sector reform program. Photo by: Mikol_Ice / CC BY-NC-SA Mikol_IceCC BY-NC-SA

The Asian Development Bank has approved USD200 million worth of funds for the second phase of a financial reform program in the Philippines.

The funding will support phase 2 of the Financial Market Regulation and Intermediation Program, which aims to improve the stability of the country’s financial sector and increase the liquidity and efficiency of its capital market.

Phase 2 of the program will focus on addressing the weaknesses of the Philippine financial sector as exposed at the height of the recent global financial crisis, such as poor of stability and liquidity in the local banking system.

The Philippines’ finance department is the executing agency for the whole program.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.