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The Asian Development Bank said Thursday it approved a $300 million policy-based loan to widen Filipinos’ access to financial services and promote economic growth.
“Through this loan, ADB is expanding its partnership with the Philippines in ensuring all Filipinos will have access to financial products and services, including via digital platforms, to help improve their lives and livelihoods,” ADB senior financial sector specialist Kelly Hattel said. Hastened by the COVID-19 pandemic lockdowns, the Philippines nearly doubled the number of financial institutions or mobile money accounts for the bottom 40 percent of the population by income from 18 percent in 2017 to 34 percent in 2021.
Key reforms pursued by the government to eliminate barriers to access financial services and mainstream gender across its policies include updating and providing action plans for the National Strategy for Financial Inclusion 2022–2028.
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