ADB sets aside $4.3B in aid for RP

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.”

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