THE Philippines is set to make a contribution to the Asian Development Bank’s (ADB) grant fund this year, a first since the country’s graduation from assistance over 10 years ago.
The Department of Finance (DOF) said the exact amount will be announced during a pledging session at the sidelines of the ADB’s 53rd Annual Meeting in South Korea in May.
“Since the Philippines’ graduation from ADF assistance in 1999, we have yet to contribute to the replenishment of the fund,” Finance secretary Carlos Dominguez III said in a statement.
He was referring to the Asian Development Fund (ADF), which provides grants to lower-income developing member countries of the ADB.
The ADF supports activities that tackle mostly poverty reduction and improvements in the quality of life in the poorer countries of the Asia and Pacific region.
“Now, as we move to the upper-middle-income status, the country is poised to extend help to the LDCs (least developed countries), including some of our neighbors in the Association of Southeast Asian Nations (ASEAN) and the Pacific,” Dominguez stated.
Socioeconomic Planning secretary Ernesto Pernia last year said the Philippines is more likely to achieve upper-middle-income status in 2020.
With an upper-middle-income status classification, the Philippines could secure better rates in loans and assistance from foreign bodies.
“With the proposed Philippine contribution to ADF 13, the country is expected to benefit in terms of further driving its growth from the possible development of new markets within the region,” said Dominguez. (GMA News)
