MULTILATERAL lender Asian Development Bank has approved a $300-million policy loan to support the Philippine government’s push to ramp up financial inclusion especially in unserved and underserved areas of the country.
“The Philippine government’s anti-poverty strategy aims to equip Filipinos in the bottom 40 percent of the income strata with education, skills, and livelihood assistance so they can break away from a vicious cycle of intergenerational poverty. Ensuring all Filipinos are part of the financial system is important to this approach,” ADB Vice-President Ahmed Saeed said.
ADB’s Inclusive Finance Development Program, Subprogram 2, is supporting reforms to help the government reach targets linked to the National Strategy for Financial Inclusion.
These measures will strengthen the institutional and policy environment for financial inclusion, improve financial infrastructure, and increase the capacity and reach of service providers, especially rural banks and non-bank financial institutions, according to the lender.
“Through this loan, ADB is partnering with the Philippines to implement innovative initiatives around digital finance to significantly improve poor Filipinos’ access to financial services and products as a way to lift their incomes and wellbeing,” ADB Senior Financial Sector Specialist for Southeast Asia Kelly Hattel said.(with reports from GMA News)
