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.
The ADB said that it is designed to foster a more efficient, consumer-oriented, and technologically advanced insurance market that strengthens climate risk management and disaster resilience.
"This program is a strategic investment in the Philippines' sustainable and inclusive economic future. By modernizing the regulatory framework, we are not only strengthening the insurance industry itself -- we are building a critical line of protection for the nation, mobilizing long-term capital for development, and ensuring that the benefits of economic growth reach every Filipino entrepreneur and household," said ADB Country Director for the Philippines Andrew Jeffries.
