By The Financial District
Oct 6, 20231 min
The Asian Development Bank (ADB) has approved a $ 300 million loan to fund the Philippine government’s initiatives aimed at boosting vulnerable sectors’ access to financial services.
The ADB's Inclusive Finance Development Program (Subprogram 3) supports reforms to expand financial inclusion in the Philippines by improving financial infrastructure. I Photo: Asian Development Blog
In a statement, the multilateral lender said its Inclusive Finance Development Program (Subprogram 3) supports reforms to expand financial inclusion in the Philippines by improving financial infrastructure.
The program also aims to enhance the capacity of financial service providers, including rural banks and nonbank financial institutions.
"Through this loan, ADB is expanding its partnership with the Philippines to ensure all Filipinos will have access to financial products and services, including via digital platforms, to help improve their lives and livelihoods," ADB Senior Financial Sector Specialist Kelly Hattel said in the statement.
Hattel added that the reforms supported by the ADB loan will ensure the government can extend assistance to the most vulnerable segments during crises and emergencies and increase climate resilience for farmers and micro-, small-and medium-scale businesses through expanded insurance.