Philippines to Contribute to ADB Grant Fund

The Philippines is expanding its role as a net lender to the world as it is making its first-ever contribution to the grant fund intended for the most vulnerable and least developed member-countries of the Asian Development Bank.

Finance Secretary Carlos Dominguez said the country’s contribution to the Asian Development Fund would be announced during a pledging session on the sidelines of the ADB’s 53rd annual meeting in Incheon, South Korea this May.

Dominguez said contributing to the fund is beneficial to the Philippines and the rest of the Asia-Pacific, given that the growth of least developed countries would provide new potential markets to further bolster domestic economic expansion as well as regional growth.

He said the country’s contribution to the ADF comes at a crucial time when assistance from ADB’s European partners may be possibly reduced.

Source: https://www.philstar.com/business/2020/03/02/1997319/philippines-contribute-adb-grant-fund

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.