GMA seeks easier loan terms from ADB

President Arroyo urged the Asian Development Bank (ADB) yesterday to immediately act on the Philippines’ and other developing member countries’ request to ease the bank’s conditionalities in granting loans.

Speaking during ADB’s 40th anniversary celebrations, the President thanked the ADB for its positive response to the Philippines’ and other developing member countries’ appeal to lower commitment fees for project loans.

"Because that will provide developing countries better opportunities to enjoy the benefits of ADB’s development assistance," she said.

Mrs. Arroyo acknowledged ADB’s support for all her administration’s reforms in the fiscal side, power sector and governance.

She would continue not only with economic but political reforms in the country, she added.

Aside from tax reforms, measures to curb corruption were also put in place to improve the country’s efficiency, she said.

Mrs. Arroyo said that the Philippines was proud to host "Asia’s premier development institution" and thanked ADB for its untiring effort working for poverty alleviation in the country.

"ADB plays a key role in the growth of the Asian region and also in boosting the quality of Filipino lives," she said.

Mrs. Arroyo thanked ADB for its recent assistance, including the $450 million Power Sector Development Program, the $200 million Financial Market Regulation and Intermediation Program and a $3 million grant for Southern Leyte Landslide Disaster Assistance.

"We have miles to go before we can achieve our goal and vision of being first world in 20 years," she said.

"And just as ADB has been with us in the last 40 years of our journey, we hope that as we go on our journey in the next 20 years, ADB will stay with us in the Philippines in our quest," she said.

"And beyond that, ADB will stay with us as the headquarters for making life better in the entire great continent of Asia."— Aurea Calica