ADB approves $400-M loan for PH business reforms

The Asian Development Bank (ADB) has approved a $400-million loan to support the Philippine government's reforms aimed at improving the ease of doing business.

This loan, for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, intends to foster private sector development reforms to streamline and enhance the transparency of regulatory processes and requirements for businesses.

The program also seeks to facilitate investment in key sectors and strengthen the digital delivery of government services to businesses and investors.

ADB Country Director for the Philippines Andrew Jeffries emphasized the vital role of the private sector in driving economic growth and job creation.

The loan comes with concessional rates and more favorable terms than commercial borrowing, with a repayment period of 15 years including a three-year grace period.