ADB plans to approve a $500M loan to the Philippines for public financial management reforms.

The Asian Development Bank (ADB) plans to approve a $500 million loan to the Philippines to support public financial management reforms aimed at improving governance and boosting the economy. The funds will be used to implement the Public Financial Management Reforms Roadmap, which seeks to enhance efficiency and transparency in public spending. The initiative aims to help the country achieve upper-middle-income status and strengthen its credit rating.