ADB approves $400-M loan to improve ease of doing business in the Philippines
THE Asian Development Bank (ADB) has approved a $400-million policy-based loan to support the Philippine government’s efforts to improve the ease of doing business in the country.
The multilateral lender approved the financing for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, which aims to help position the country as a leading investment hub in Asia and the Pacific, it said in a statement on Wednesday.
The BEST program supports private sector development reforms to streamline and improve the transparency of regulatory requirements and processes for businesses.
“The private sector is an important engine of growth and job creation. Their role in the country’s overall economic development cannot be overstated,” ADB Country Director for the Philippines Andrew Jeffries said.
The Ease of Doing Business and Anti-Red Tape Advisory Council said it can take up to 75 days for local firms and more than 100 days for foreign firms just to complete registration in the Philippines, slower compared to its regional peers.
The ADB was the second-biggest development partner of the Philippines in 2024 with $11.05-billion worth of 59 loans and grants. — Aubrey Rose A. Inosante
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