The Asian Development Bank (ADB) has approved a $300 million policy-based loan to support the Philippines government in creating a stronger institutional and policy environment to help expand Filipinos’ access to financial services, particularly the vulnerable segment of the population, and to promote economic growth.
ADB’s Inclusive Finance Development Program, Subprogram 3, is supporting reforms to expand financial inclusion in the country by improving the country’s financial infrastructure, including widening the digital financing ecosystem.
It also supports efforts to increase the capacity of financial service providers, including rural banks and nonbank financial institutions, to offer quality products and services accessible through various delivery channels.
The Philippines also passed and implemented key legislation on financial consumer protection under the Financial Products and Services Consumer Protection Act, and rules encouraging digital platforms to provide financing to agriculture value chain members in support of the Agriculture, Fisheries and Rural Development Financing Enhancement Act 2022.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.