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ADB allots $290M in loans for Philippines |
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(23 January 2004, Friday - Philippine Daily Inquirer)
by Doris C. Dumlao THE ASIAN Development Bank has earmarked 290 million dollars in fresh loans for the Philippines this year in support of the government's development priorities, ADB country director Thomas Crouch said. |
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Crouch said details of the lending program for 2004 would be announced in a press briefing next week. "We have identified eight projects for this year," he said.
The ADB lent the Philippines 184 million dollars last year. Crouch said the bank's lending level fluctuated every year and that there was no significant reason for the increase in the budget over 2003. Nevertheless, he welcomed a cleanup in the government's official development assistance (ODA) portfolio. The Philippines' ODA disbursement rate surged to 95 percent last year from 74 percent in 2001 and 76 percent in 2002. Disbursement rate is a proxy indicator for physical accomplishment of a project. A 95-percent rate means that 95 percent of the scheduled loan disbursement has been spent. For 2002-2004, the ADB has set an indicative planning figure of 300 million dollars in new loans for the Philippines for each year. The annual budget is scaled down from 350 million dollars in 2000, taking into account disbursement performance and absorptive capacity. The ADB's assistance to the Philippines, which is aligned with the government's medium-term development program, aims to reduce poverty, promote equity, improve social services delivery, protect the environment, and promote good governance. home | latest news |
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