MANILA, Dec 10 (Reuters) – The Asian Development Bank has approved a $400 million policy-based loan to support the Philippines’ efforts to make it easier for investors ‍to do business in the country.

Despite being one of Asia’s fastest-growing economies, the Philippines trails regional peers in attracting foreign direct investment, held back by red tape, high power costs, and weak infrastructure.

“The private sector is an important engine of growth and ‌job creation. Their role in the country’s ‌overall economic development cannot be overstated,” said ADB Country Director for the Philippines Andrew Jeffries.

“We are committed to assisting the Philippines in finding innovative ways to create an enabling environment that would spur a more dynamic business sector – one that will help drive

See Full Page