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The Asian Development Bank on Wednesday announced the approval of a $500-million policy-based loan aimed at supporting the Philippines in pursuing its public financial management reforms.In a statement, the ADB said the $500-million Public Financial Management Reform Program would "improve national budget frameworks, empower local governments, and establish a PFM system in the country’s Bangsamoro Autonomous Region in Muslim Mindanao .
The ADB said the policy-based loan program is anchored in the government’s PFM Reforms Roadmap 2024?2028, developed in partnership with ADB and endorsed by President Ferdinand R. Marcos Jr. Under the PFM roadmap, the Philippines aims to include the digital transformation of PFM systems and the creation of an enabling regulatory framework for public-private partnerships.
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