ADB approves 500 million USD loan for Philippines’s public financial management reform

December 13, 2024 | 10:00

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The Asian Development Bank (ADB) on December 11 approved a 500 million USD policy-based loan to help the Philippines pursue its public financial management (PFM) reform agenda and ensure quality public services for its people.

ADB approves 500 million USD loan for Philippines’s public financial management reform

ADB's 500 million USD loan aims to help the Philippines pursue its public financial management (PFM) reform agenda and ensure quality public services for its people (Photo: adb.org)

Hanoi - The Asian Development Bank (ADB) on December 11 approved a 500 million USD policy-based loan to help the Philippines pursue its public financial management (PFM) reform agenda and ensure quality public services for its people.

The PFM reform programme signifies the Philippine government’s commitment to building an open government founded on the principles of efficiency, transparency, accountability, and good governance, said ADB Philippines Country Director Pavit Ramachandran in the bank’s news release.

It not only strengthens the efficiency and transparency of public funds, but also promotes private sector roles in public services, as well as climate resilience and preparedness for Philippine people.

The programme is anchored in the government’s PFM Reforms Roadmap 2024 - 2028, developed in partnership with the ADB and endorsed by President Ferdinand R. Marcos Jr. Features include the digital transformation of PFM systems and creating an enabling regulatory framework for public - private partnerships.

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By VNA

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