ADB ready to boost sovereign lending to Philippines by 66 percent or up to $3B

Associated Press

The Asian Development Bank says it is ready to boost lending to the Philippines by 66 percent to about $3 billion to support the country's infrastructure and development needs.

ADB President Takehiko Nakao met Tuesday with Philippine Finance Secretary Cesar Purisima to discuss ADB's increased funding.

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A joint statement says the Manila-based lender is ready to increase loans from $1.8 billion for 2015-2017 to around $3 billion for 2016 to 2018.

Nakao says the ADB will continue to support the Philippines' infrastructure needs, programs to strengthen high school education, job creation, social protection and development in the southern Philippines.

Purisima welcomed the ADB's support. He says quality education and infrastructure are needed to fuel growth that benefits the entire population.