ADB approves 400 mln USD loan to help boost Philippines' insurance sector


By DAAGZhang Yisheng

MANILA, Oct. 14 (Xinhua) -- The Asian Development Bank (ADB) said on Tuesday that it has approved a policy-based loan of 400 million U.S. dollars to support reforms aimed at enhancing the efficiency of the Philippines' insurance industry, creating an enabling environment for broader participation in the sector, and helping stimulate stronger economic growth.

The Insurance Reform Program Subprogram 1 supports broader financial sector development reforms in regulation and supervision, including greater intermediation of long-term credit for government infrastructure projects, the Manila-based bank said in a press release.

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