The Philippines is borrowing $300 million (almost P17 billion) from the Asian Development Bank to boost financial inclusion.
MANILA -- The Philippines is borrowing $300 million from the Asian Development Bank to boost financial inclusion.
It will also finance efforts to increase the capacity of financial service providers, including rural banks and nonbank financial institutions, to offer quality products and services through various delivery channels. “Considering the significant impact of climate change on the vulnerable segments of the population, the reform actions supported by the loan will ensure government assistance can reach people faster during crises and emergencies," he said.
ADB noted that the Philippine government wants to raise the number of Filipinos holding an account with financial institutions or mobile money providers to 70 percent by 2024.
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