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PIA Press Release
2006/12/22

ADB extends US$653 million in loan and grants

Quezon City (22 December) -- President Gloria Macapagal-Arroyo formally received yesterday US$ 653 Million Dollars in loans and grants from the Asian Development Bank. The total package is intended to strengthen the Power sector, the business sector and the construction and repairs of farm to market roads, hospitals and schools in areas affected by natural calamities.

Finance Secretary Gary Teves said that of the US $653 Million dollars, $450 million in loan will be made accessible nationwide for the strengthening of the power sector to ensure the development of cheaper electricity.

$200 million dollars in loan will be made accessible for small business entrepreneurs to encourage more business activities and the creation of more jobs.

Secretary Teves added that $3 Million US dollars of the loan package is a grant for the building and repairs of farm to market roads, hospitals, and schools in Southern Leyte, which suffered massive damages from landslide this year. (PIA) [top]

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