ADB loan to help Philippines boost revenue mobilisation

The Asian Development Bank (ADB) has approved a 400-million-USD loan to help the Philippines achieve its medium-term fiscal strategy and finance its post-pandemic economic recovery through a stronger focus on revenue mobilisation.

The bank said the programme is its first policy-based loan dedicated to domestic resource mobilisation (DRM) reform.

ADB loan to help Philippines boost revenue mobilisation -0
Illustrative image (Photo: https://www.philstar.com/)


According to the ADB, the loan will help address the Southeast Asian country's need to tackle discrepancies in tax policy frameworks to boost tax compliance, reduce tax avoidance, and raise more revenues from activities and products that significantly impact the environment or contribute to climate change.

ADB Senior Economist for Public Finance Aekapol Chongvilaivan said the DRM programme will result in a higher tax-to-GDP ratio and ensure sustainable financing for the country as it sets out to achieve its goals under the Philippine Development Plan 2023-2028./. 

VNA

World

Southeast Asia poised to become global AI hub
World

Southeast Asia poised to become global AI hub

In the first half of 2024, Southeast Asia (SEA) attracted over 30 billion USD in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.

Trends drive job openings in Thailand
World

Trends drive job openings in Thailand

Thailand reported 414,000 unemployed people in the third quarter this year, up from 401,000 year-on-year, according to the National Economic and Social Development Council (NESDC).

Malaysia commits to net zero emissions by 2050
World

Malaysia commits to net zero emissions by 2050

Malaysia has committed to achieving net-zero greenhouse gas emissions by 2050, positioning itself as a responsible global player in the fight against climate change despite contributing just 0.8% of global emissions.

Indonesia expands danger zone due to volcanic eruption
World

Indonesia expands danger zone due to volcanic eruption

The Centre for Volcanology and Geological Hazard Mitigation (VGDMC) of Indonesia reported on November 11 that the Lewotobi volcano in East Nusa Tenggara province has erupted again, spewing a column of ash up to 2.5 km towards the west and northwest.