ADB OKs Budget Support for Philippines

The Asian Development Bank has sanctioned a $500 million loan to help plug the Philippines' budget deficit, according to

. The sum will be drawn from the regional lender's $3 billion countercyclical fund. The five-year loan is expected to be disbursed in September, Philippine finance undersecretary for international finance group Rosalia de Leon said.

About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.