Philippines gets $650M ADB package

The Asian Development Bank allocated $650 million for power and financial sector reforms in the Philippines. “Specifically, the funds will support the government’s absorption of the National Power Corporation’s (NAPOCOR) long term liabilities,” the ADB said, emphasizing the crucial role of the power sector to the improvement of the country?s fiscal imbalance and investment climate. The ADB will infuse $450 million to the power sector development program to restore its financial viability, drained by the continuous financing of the PHP 372 billion ($7.5 billion) NAPOCOR debts. Meanwhile, the remaining $200 million ADB allocation will be used to strengthen the government?s financial system, governance in the non-bank financial sector and efficiency in the securities market. (Source: ADB says to lend $650 mln to Philippines/Reuters)

About the author

Join the Discussion