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ADB approves 300 million USD loan to support Philippines’ finance sector

The Asian Development Bank (ADB) said on October 5 that it has approved a 300 million USD policy-based loan to support the Philippine government in creating a stronger institutional and policy environment to help expand Filipinos’ access to financial services.
ADB approves 300 million USD loan to support Philippines’ finance sector ảnh 1Illustrative photo (Photo: adb.org)

Hanoi (VNA) – The Asian Development Bank(ADB) said on October 5 that it has approved a 300 million USD policy-based loan tosupport the Philippine government in creating a stronger institutional andpolicy environment to help expand Filipinos’ access to financial services.

According to the bank, the loan is withinthe framework of its Inclusive Finance Development Programme, Subprogramme 3, aims to support Phillipines’ reforms to expand financial inclusion in the country by improving the country’sfinancial infrastructure, including widening the digital financing ecosystem.

Italso supports efforts to increase the capacity of financial service providers,including rural banks and nonbank financial institutions, to offer qualityproducts and services accessible through various delivery channels.

Accordingto the 2021 Global Findex Database, the number of Filipino adults holding anaccount with a financial institution or mobile money provider has risen from34% of the population in 2017 to 51% 2021.

The Philippine government wants to raise the number of Filipinos holding an account withfinancial institutions or mobile money providers to 70% by 2024, aided bystreamlined requirements with the Philippine Identification System (PhilSys), which was launched in 2020.

Asof September 1, 2023, nearly 88% of the population had registered PhilSys./.

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