The offer of the Asian Development Bank for $1.75 billion in financing assistance to the Philippine government is still undergoing the necessary review process, Malacanang said on Tuesday.
Palace: DOF to study ADB offer
According to Palace Press Officer Undersecretary Claire Castro, the Department of Finance will conduct a thorough study of the ADB's offer. The DOF will specifically examine the terms and conditions of the financing to ensure it aligns with the government's fiscal and debt management objectives.
ADB assistance aims to mitigate Middle East conflict impact
Castro emphasized that the offer, as stated by the Department of Budget and Management, is a significant help aimed at reducing the economic impact of the Middle East conflict on the country. She also noted that it clearly demonstrates the confidence of development partners in the government's ability to respond to global challenges.
"According to the DBM, this financing offer from the ADB is a big help and clearly shows the trust of our development partners in the government's capability to address global challenges. However, according to the DBM, it still needs to go through the proper review and approval process of the government. The Department of Finance must study the terms and conditions of the financing to ensure it is consistent with the government's fiscal and debt management objectives," Castro said.
