ADB lends PH $500 million to improve public financial management in the Bangsamoro | ABS-CBN
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ADB lends PH $500 million to improve public financial management in the Bangsamoro
ADB lends PH $500 million to improve public financial management in the Bangsamoro
The Asian Development Bank (ADB) in Ortigas City on June 17, 2021 Jonathan Cellona, ABS-CBN News
The Asian Development Bank (ADB) in Ortigas City on June 17, 2021 Jonathan Cellona, ABS-CBN NewsMANILA -- The Asian Development (ADB) said on Monday that it approved a $500 million loan to help the Philippines improve public financial management (PFM) in the Bangsamoro region.
MANILA -- The Asian Development (ADB) said on Monday that it approved a $500 million loan to help the Philippines improve public financial management (PFM) in the Bangsamoro region.
In a statement, the ADB said the Public Financial Management Reform Program (Subprogram 1) will improve national budget frameworks, and establish a PFM system in the country’s Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
In a statement, the ADB said the Public Financial Management Reform Program (Subprogram 1) will improve national budget frameworks, and establish a PFM system in the country’s Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
ADB said the program promotes the fair and effective devolution of public services under the Mandanas ruling and local investments in climate resilience and disaster preparedness.
ADB said the program promotes the fair and effective devolution of public services under the Mandanas ruling and local investments in climate resilience and disaster preparedness.
It is also anchored in the government’s PFM Reforms Roadmap 2024‒2028, which calls for the digital transformation of PFM systems and creating an enabling regulatory framework for public-private partnerships.
It is also anchored in the government’s PFM Reforms Roadmap 2024‒2028, which calls for the digital transformation of PFM systems and creating an enabling regulatory framework for public-private partnerships.
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The multilateral lender said the program will help contribute to peacebuilding in the BARMM, as it recognized that fiscal autonomy and accountability build trust between the Bangsamoro government and its citizens.
The multilateral lender said the program will help contribute to peacebuilding in the BARMM, as it recognized that fiscal autonomy and accountability build trust between the Bangsamoro government and its citizens.
"The program not only strengthens the efficiency and transparency of public funds, but also promotes private sector roles in public services, as well as climate resilience and preparedness for Filipinos," said ADB Philippines Country Director Pavit Ramachandran.
"The program not only strengthens the efficiency and transparency of public funds, but also promotes private sector roles in public services, as well as climate resilience and preparedness for Filipinos," said ADB Philippines Country Director Pavit Ramachandran.
ADB recently gave loans to the Philippines for economic growth, climate infrastructure, and disaster resilience.
ADB recently gave loans to the Philippines for economic growth, climate infrastructure, and disaster resilience.
The ADB sees the Philippine economy growing 6 percent in 2024.
The ADB sees the Philippine economy growing 6 percent in 2024.
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