ADB approves 300 mln USD loan to boost access to financial services in Philippines
The Asian Development 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 to implement reforms to expand poor Filipinos' access to financial services.
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 Asian
Development 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 to
implement reforms to expand poor Filipinos' access to financial services.
According to the Manila-based bank, the ADB's loan is supporting reforms to help the Philippine government reach targets linked to the national strategy for financial inclusion.
It said these measures will strengthen the institutional and policy environment for financial inclusion, improve financial infrastructure, and increase the capacity and reach of service 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 on almost all financial inclusion indicators. "Only 34 percent of Filipino adults have an account at a formal financial institution, compared with 49 percent in Indonesia, 82 percent in Thailand, and 85 percent in Malaysia," it said.
The ADB said the Philippines can expand financial access to poor Filipinos through credit, savings, insurance, pensions, and remittances./.
According to the Manila-based bank, the ADB's loan is supporting reforms to help the Philippine government reach targets linked to the national strategy for financial inclusion.
It said these measures will strengthen the institutional and policy environment for financial inclusion, improve financial infrastructure, and increase the capacity and reach of service 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 on almost all financial inclusion indicators. "Only 34 percent of Filipino adults have an account at a formal financial institution, compared with 49 percent in Indonesia, 82 percent in Thailand, and 85 percent in Malaysia," it said.
The ADB said the Philippines can expand financial access to poor Filipinos through credit, savings, insurance, pensions, and remittances./.
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