The Asian Development Bank (ADB) is planning to make available between $2 billion and $3 billion in loans to the Philippines from 2010 to 2012. The plan was revealed yesterday by Neeraj Jain, ADB country director for the Philippines, during a press conference in Manila.
Manila: more money for
The programme aims to promote private sector participation and will focus on infrastructure projects, education, financing and policy reforms in the judicial, financial and power sectors. The bank will disburse between $650 million and $1 billion annually from the three-year programme, according to Manila daily The Philippine Star.
An ADB spokeswoman confirmed the report today, though no one at the bank was available for further comment.
At the press conference, Jain stressed that greater spending on infrastructure such as roads, ports and education was required for the Filipino economy to move to a sustained high growth path, which he defined as continuous growth rates of 7 percent to 8 percent over 10 to 12 years, according to Filipino news website Inquirer.net.
The ADB typically disburses between $400 million and $600 million per year to the Philippines. However, it expects to make available more than $1.3 billion to the country in 2009 to mitigate the global economic slowdown, the website reported.
In January, the Filipino government unveiled a PHP330 billion (€5 billion; $7 billion) economic stimulus package. Approximately 50 percent of the funds will be used for welfare programs and infrastructure projects, including road maintenance, reforestation and classroom building.
Another 30 percent of the package is allocated to infrastructure projects to be financed by government corporations and the social security system.