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PIA Press Release
2006/12/20

Southern Leyte gets $3-million ADB grant

By Bong Pedalino

SOUTHERN LEYTE (20 December) -- The Asian Development Bank (ADB) has extended a $ 3 Million grant "to help the province recover from the deadly February 2006 landslide that buried more than 1,000 people in a single village", according to a published report.

The grant was turned over Tuesday, December 19, by top Executives of the Manila-based bank to President Gloria Macapagal Arroyo during the 40th anniversary program of the banking institution.

The amount was actually part of the $ 653 Million loans and grants assistance the Philippines secured from ADB, wherein $ 450 Million was intended for the Power Sector Development Program to stabilize the power situation of the country.

Another $ 200 Million would be set aside for the Financial Market Regulation and Intermediation Program, an effort which aimed to develop a more efficient financial sector, reports said.

President Arroyo profusely expressed her gratitude to the ADB for the financial assistance, saying it was "the largest ADB assistance in eight years".

She also thanked the ADB for giving the grant for Southern Leyte.

"Thank you for the assistance in the study of the vulnerable areas in the Philippines which strengthens our hand in overall disaster management," the President declared.

"I thank you ADB for your support in all the reforms that we have tried to do across the broad spectrum of our needed reforms -- fiscal reforms, financial reforms, power sector reforms and governance reforms," she further said.

Southern Leyte Governor Rosette Lerias was expected to be present during the turn over rites and, as this report was written, she was still in Manila so there was no immediate statement or reaction from her on the ADB grant.

No details were also available just yet as to what particular activities the ADB grant was to be earmarked. (PIA-Southern Leyte) [top]

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DAILY NEWS LIST:
»Southern Leyte gets $3-million ADB grant
»Biliran's oldest living man still up at 106
»Maharlika Highway's Agas-Agas road section closed to traffic due to landslide
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