Monetary Board okays $500-million ADB loan

MANILA, Philippines – The policy-making Monetary Board of the Bangko Sentral ng Pilipinas (BSP) gave its final approval to the national’s government’s $500-million loan from the Asian Development Bank, BSP Deputy Governor Diwa Guinigundo said.

The $500-million loan, to be used for the government’s budgetary support, is part of ADB’s $3-billion fund alloted for developing countries such as the Philippines.

“The fund is for assisting developing member countries facing problems in the wake of the global recession,” Guinigundo told reporters.


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