US EditionADB approves US$400 million loan to make it easier to do business in the Philippines
Reforms aim to streamline business and boost investment, tackling issues like red tape and infrastructure amid a major corruption scandal.
- The Asian Development Bank approved a $400 million policy-based loan to support Philippines efforts to ease investor rules, as ADB officials said the program aims to strengthen legal frameworks.
- Last year, the Philippines attracted far less foreign direct investment than Malaysia $11 billion, Indonesia $24 billion and Vietnam $20 billion amid a corruption scandal implicating public works officials, senators and congressmen.
- The ADB said the program targets renewable energy and digital infrastructure sectors and will strengthen laws to ease starting and operating businesses, while Andrew Jeffries noted the private sector's key role in growth.
- Reforms aim to restore investor confidence as the program targets reducing red tape and barriers, helping private sector growth weighed down by constraints on public works officials and implicated lawmakers.
- The approval coincides with fresh regional assessments highlighting competitiveness gaps, while nationwide protests over alleged siphoning from flood-control projects have constrained infrastructure spending amid ADB headquarters, Pasig City involvement.
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bworldonline.com
ADB approves $400-M loan to improve ease of doing business in the Philippines - BusinessWorld Online
THE Asian Development Bank (ADB) has approved a $400-million policy-based loan to support the Philippine government’s efforts to improve the ease of doing business in the country. The multilateral lender approved the financing for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, which aims to help position the country as a leading investment hub in Asia and the Pacific, it said in a statement on Wednesday. The …
ADB approves $400-million loan for Philippines business reforms
The Asian Development Bank (ADB) has approved a $400 million loan to the Philippines to finance the BEST Subprogram 1, aimed at improving the country's ease of doing business, streamlining regulatory processes, and boosting investment in key sectors like renewable energy and digital infrastructure.
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