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Advises Galvez not to be discouraged by “brickbats” thrown at him by politicians (Eagle News) — President Rodrigo Duterte stressed that all payments for the vaccines that the Philippines will buy will be coming from the Asian Development Bank and the World Bank, as he chided critics claiming that there could be corruption in the vaccine deals. Duterte also reiterated how the vaccine deals would still have to pass through the Department of Finance, […]
Funds to be used for education and health grants for poor families (Eagle News) — The Philippine government obtained additional funds to address the COVID-19 pandemic with a “fresh US$500-million financing package from the Asian Development Bank (ADB).” The Department of Finance said that this will “help support the country’s immediate budgetary requirements” particularly in funding the Pantawid Pamilya program for poor families, as the virus crisis continues to take its toll on the […]
(Eagle News)–The Philippines and the Asian Development Bank have signed a $400-million loan agreement that aims to help boost domestic capital markets amid the COVID-19 pandemic. The Department of Finance said the loan for the Support to Capital Market Generated Infrastructure Financing, Subprogram 1 (SCMGIF1) is set for accelerated disbursement this year. The loan is expected to be effective by June 10 and be fully disbursed by June 15, with a maturity period of 15 […]
(Eagle News) — The Philippine government has secured a loan agreement from the Asian Development Bank that would enable the country to get $1.5 billion budgetary support for its efforts on the COVID-19 pandemic. This came in time as funds to support the government’s programs to beat COVID-19 and to support its people under lockdown as President Rodrigo Duterte decided to extend the enhanced community quarantine in the Philippine capital of Metro Manila and […]
(Eagle News)–Finance Secretary Sonny Dominguez on Thursday, April 9, said he was eyeing a $5.6-billion loan from the World Bank and the Asian Development Bank to help boost the Philippine economy amid the coronavirus disease 2019 pandemic. According to Dominguez, “kung kulang pa, we will probably be going sa commercial market.” “We are confident we have the financial capability to bridge this problem that COVID-19 has brought us,” he said, assuring the public that “at […]
(Eagle News)–The Asian Development Bank on Thursday, March 12, ordered its staff to work from home after a visitor tested positive for the novel coronavirus. The ADB said its facility in Ortigas Center, Pasig City will be closed from March 12 to undertake cleaning and disinfecting. “Bank operations will continue,” it said. ADB said its management will decide in the coming days on when to reopen. The Philippines has so far recorded over 40 COVID-19 […]
(Eagle News) — Because of the slowdown in the global economy and Philippine domestic investment, Asian Development Bank (ADB) has revised the country’s economic growth this year to 6 percent, down from the previous forecast of 6.4 percent. In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2019, ADB revised its forecast for Philippine gross domestic product (GDP) growth to 6.0% in 2019 and 6.2% in 2020, against its previous […]
Says aim is to sustain growth rate at 7 percent, to bring down poverty incidence rate to 14 percent by 2022 (Eagle News) — President Rodrigo Duterte on Saturday, May 5, said there was a need to “put our house in order,” vowing to be “harsh” against those who prevented the country from achieving this goal. According to the President, who spoke in closing ceremonies of the Asian Development Bank Annual Meeting in Mandaluyong, he […]
(Eagle News) — The Asian Development Bank has approved a $380-million loan to help “strengthen the road network and spur economic development” in Mindanao. In a statement on Friday, the ADB said the amount “will help finance the detailed design of 300 kilometers of national highways in Mindanao, which will be constructed through other projects.” Jeffrey Miller, Principal Transport Specialist at ADB’s Southeast Asia department, said the strengthening of roads in southern Philippines “will support the development […]
The Asian Development Bank has approved the $300 million grant-loan of the Philippines on its road corridor project. The loan will be used by the government in its infrastructure projects as part of the “Build, Build, Build” program of the Duterte administration. The grant assistance of the ADB aims to help the government finance infrastructure, implement, and manage public works projects, and strengthen the framework for public-private partnerships. “As such, increasing the size, liquidity and […]
HONG KONG, China (AFP) — Asian nations must spend $26 trillion by 2030 on infrastructure to battle poverty, boost economic growth and fight climate change, the Asian Development Bank warned on Tuesday. In its “Meeting Asia’s infrastructure needs” report, the lender said governments in some of the poorest countries in the world should invest in everything from transport, telecommunications, power and water and sanitation. It added that despite dramatic infrastructure growth in recent decades, more […]
MANILA, Philippines (AFP) — Philippine President Rodrigo Duterte has tapped a China-backed multilateral lender to help fund his government’s “unprecedented infrastructure buildup”, the finance minister said Monday, as he seeks closer relations with Beijing. The Beijing-based Asian Infrastructure Investment Bank (AIIB) has been viewed by some as a rival to the World Bank and the Philippines-based Asian Development Bank (ADB). Duterte has vowed to boost spending to address crumbling infrastructure, saying he would seek funds from […]
