The government borrowed a total of 322.4 billion Philippine pesos (USD7 billion) from January to April 2010, approximately 31 percent more than its total recorded borrowings for the same period in 2009, Business World reports. Project loans from the Asian Development Bank, World Bank, International Fund for Agricultural Development, and the Japan Bank for International Cooperation amounted to 9.2 billion Philippine pesos of the total borrowings. Program loans from the Japan Bank for International Cooperation, meanwhile, totaled 11.2 billion Philippine pesos.

About the author

  • 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.