Philippines third-largest borrower of ADB funds

THE Philippine government was the third-largest recipient of loan assistance among Southeast Asian countries from the Asian Development Bank (ADB) last year to counter the global economic crisis.

The Manila-based lender said the country received $1.18 billion in loans last year from $820 million in 2008.

The top recipient of ADB assistance last year was Indonesia with $2.18 billion from $1.09 billion in 2008. This was followed by Vietnam with $1.93 million in 2009 from $789.7 million in 2008.

The lender said it helped the government mitigate the impact of the global financial crisis through policy-based operations and a $500-million Countercyclical Support Facility loan.

ADB also helped promote energy efficiency and health care, particularly for mothers and children.

“ADB’s operations also sought to improve transport, electricity supply, access to clean water and sanitation, education, and primary health care, particularly for the poor and disadvantaged,” the lender said in a statement.

ADB also provided a $3-million grant under the Asia Pacific Disaster Response Fund to help people in the Philippines affected by Typhoon Ondoy.

Last year, ADB’s lending amounted $5.4 billion, almost double the amount lent in 2008. The assistance helped countries affected by the global financial crisis and to sustain social sector spending.

Developing member countries’ crisis responses were supported with Countercyclical Support Facility loans, and a loan and guarantee to enhance access to commercial financing sources, the ADB said. –DARWIN G. AMOJELAR Senior Reporter, Manila Times