MANILA, Philippines — The Asian Development Bank’s (ADB) has approved a $50-million loan to the Philippine government to help improve the country’s health care services, and make them more accessible and affordable for the poor.
The project will focus on cities and municipalities outside Metro Manila and is expected to result in the increased use of basic health care and referral services by the poor, specifically women and children.
The loan will finance the construction of new public health facilities and will be used to acquire state-of-the-art equipment for existing facilities. Focusing on maternal and child health care providers, the loan will aid them qualify for higher accreditation and increased financing from the Philippine Health Insurance Corp. (Philhealth).
The Better Health Care Project will also provide financial support to small private health providers – midwifery clinics, diagnostic facilities, and community drug stores – to allow them to move closer to rural communities. It will also provide funds for capital investment and working capital to promote a more efficient health care delivery system through the outsourcing of services, and establishing private insurance schemes.
The ADB loan will have a 25-year repayment term, including a grace period of 6 years and an interest rate determined in accordance with ADB’s London inter-bank offered rate (LIBOR)-based lending facility.
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