THE Asian Development Bank (ADB) has approved a $500-million policy-based loan to help advance the Philippines' Public Financial Management (PFM) reform agenda for delivering quality public services and enhancing governance systems.
THE Asian Development Bank has approved a $500-million policy-based loan to help advance the Philippines' Public Financial Management reform agenda for delivering quality public services and enhancing governance systems.'This new program signifies the Philippines' commitment to building an open government founded on the principles of efficiency, transparency, accountability and good governance,' ADB Philippines country director Pavit Ramachandran said in a statement on Wednesday.
It also ensures fair distribution of public services under the Mandanas ruling, which requires all national taxes to be considered in computing revenue for LGUs. This approach encourages investments in climate resilience and disaster preparedness at the local level.In BARMM, the program promotes peace by enhancing fiscal autonomy and accountability, which builds trust between the Bangsamoro government and its constituents. It strengthens BARMM's governance, budgeting and revenue systems.
Oks $500-M Loan For PH Budget Systems
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