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ADB OKs $400-M loan to support PH ease of doing 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 is for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, which 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.
He added that the ADB is committed to assisting the Philippines in creating an environment that would stimulate a more dynamic business sector for faster economic growth.
The ADB cited the Philippines' rankings in the International Institute for Management Development's World Competitiveness Ranking and the World Bank's Business Ready framework as context for the reforms.
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