The Asian Development Bank (ADB) has approved a 300 million U.S. dollars policy-based loan to support the Philippine government (Source: ADB)Hanoi (VNA) - The AsianDevelopment Bank (ADB) on August 21 said it has approved a 300 million U.S.dollars policy-based loan to support the Philippine government's efforts toimplement reforms to expand poor Filipinos' access to financial services.
According to the Manila-based bank, theADB's loan is supporting reforms to help the Philippine government reachtargets linked to the national strategy for financial inclusion.
It said these measures willstrengthen the institutional and policy environment for financial inclusion,improve financial infrastructure, and increase the capacity and reach ofservice providers, especially rural banks and non-bank financial institutions.
Citing the 2017 Global Findex Survey,the ADB said the Philippines ranked among the lowest in Southeast Asia onalmost all financial inclusion indicators. "Only 34 percent of Filipinoadults have an account at a formal financial institution, compared with 49percent in Indonesia, 82 percent in Thailand, and 85 percent in Malaysia,"it said.
The ADB said the Philippines canexpand financial access to poor Filipinos through credit, savings, insurance,pensions, and remittances./.
According to the Manila-based bank, theADB's loan is supporting reforms to help the Philippine government reachtargets linked to the national strategy for financial inclusion.
It said these measures willstrengthen the institutional and policy environment for financial inclusion,improve financial infrastructure, and increase the capacity and reach ofservice providers, especially rural banks and non-bank financial institutions.
Citing the 2017 Global Findex Survey,the ADB said the Philippines ranked among the lowest in Southeast Asia onalmost all financial inclusion indicators. "Only 34 percent of Filipinoadults have an account at a formal financial institution, compared with 49percent in Indonesia, 82 percent in Thailand, and 85 percent in Malaysia,"it said.
The ADB said the Philippines canexpand financial access to poor Filipinos through credit, savings, insurance,pensions, and remittances./.
VNA
