Institution hopes to make dent on poverty.
MANILA, Philippines – The Asian Development Bank has earmarked at least $4.3 billion in aid for the Philippines through 2012 to push the domestic economy to a “sustained high-growth path.”
Neeraj K. Jain, ADB’s country director for the Philippines, said in a briefing that disbursements for 2009 alone would likely exceed $1.3 billion.
“Normally, the ADB [releases] $400 million to $600 million yearly,” Jain said. “This year’s amount is more than double the usual as the country feels the impact of global economic developments.”