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ADB approves 500 mln USD loan to boost public funds efficiency in Philippines

MANILA, Dec. 11 (Xinhua) — The Asian Development Bank (ADB) on Wednesday approved a 500-million-U.S. dollar policy-based loan to help the Philippines pursue its public financial management (PFM) reform agenda and ensure quality public services for the Filipino people.

The Public Financial Management Reform Program (Subprogram 1) promises to improve national budget frameworks, empower local governments, and esta