ASEAN KEY DESTINATIONS
Philippines to receive more than $2 billion from ADB
The Philippines can expect a total of $812 million for 2011, a total of $777 million for 2012 and a total of $730 million for 2013. Of the total assistance, $1.57 billion is allotted for project loans and $750 million for program loans. .
In September, the Manila-based lender approved the first loan of the Aquino administration amounting to $400 million, which will be used to support a government centerpiece program for the poorest Filipinos.
The $400-million loan was approved by the board of the ADB to support the expansion of the Philippines’ Conditional Cash Transfer program, known locally as the Pantawid Pamilyang Pilipino Program or 4Ps and is seen as a cornerstone of the country’s social reform efforts in the wake of the global economic crisis.
Under the pro-poor program, each family can qualify for a maximum monthly stipend of P1,400, or $31.
Administered by the Department of Social Welfare and Development, it will provide direct financial support to 582,000 of the country’s poorest families.
In 2009, the Philippines, among Southeast Asian countries, was the third-largest recipient of loan assistance from ADB to counter the world economic slowdown.
Manila received $1.18 billion in ADB loans last year from $820 million in 2008.
The top recipient of ADB assistance in 2009 was Indonesia with $2.18 billion from $1.09 billion in 2008.Jakarta was followed by Vietnam with $1.93 million in 2009 from $789.7 million in 2008.
ADB said that it had helped the government mitigate impact of the global financial meltdown through policy-based operations and a $500-million Countercyclical Support Facility loan.
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