The World Bank (WB) and the Asian Development Bank (ADB) have committed to extend as much as 500 million U.S. dollars in program loans to the Philippines, Finance Secretary Margarito Teves said on Thursday.

Teves said the WB is extending 200 million to 250 million U.S. dollars in development policy loans to the Philippines this year, while ADB is willing to extend another 200 million to 250 million U.S. dollars.

WB Country Director for the Philippines Joachim von Amsberg said the agency is set to extend its first development policy loan to the Philippines in eight years.

"We are optimistic and very encouraged by the overall fiscal program being on track meaning being in line with the plans for a significant adjustment for fiscal balance and the revenue collections," he said.

Von Amsberg said it is set to sign a development policy loan worth between 200 million and 250 million U.S. dollars for the Philippines within the next two weeks. WB last extended a development policy loan to the Philippines in 1998.

Source: Xinhua