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ADB loan to help Philippines boost revenue mobilisation

The Asian Development Bank (ADB) has approved a 400-million-USD loan to help the Philippines achieve its medium-term fiscal strategy and finance its post-pandemic economic recovery through a stronger focus on revenue mobilisation.
ADB loan to help Philippines boost revenue mobilisation ảnh 1Illustrative image (Photo: https://www.philstar.com/)
Hanoi (VNA) – The Asian Development Bank (ADB) has approved a 400-million-USDloan to help the Philippines achieve its medium-term fiscal strategy andfinance its post-pandemic economic recovery through a stronger focus on revenuemobilisation.

The bank said the programme is its first policy-based loan dedicated todomestic resource mobilisation (DRM) reform.

According to the ADB, the loan will help address the Southeast Asian country's need to tacklediscrepancies in tax policy frameworks to boost tax compliance, reduce taxavoidance, and raise more revenues from activities and products thatsignificantly impact the environment or contribute to climate change.

ADB Senior Economist for Public FinanceAekapol Chongvilaivan said the DRM programme will result in a higher tax-to-GDPratio and ensure sustainable financing for the country as it sets out toachieve its goals under the Philippine Development Plan 2023-2028./.
VNA
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