Bangko Sentral Ng Pilipinas (BSP) Monetary Board approves the $500 million loan from Asian Development Bank by the PHilippine government. The amount is said to be alloted by ADB as part of its $3 Billion for the developing country such as ours to assist from the uncertain impact on the global recession.
Further, the amount loaned will be used to finance year ender budgetary support.
Originally the government has already borrowed 276.23 Billion from Jan to Jul this year.
Source: Philstar
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