ADB approves $400 Million loan to boost Philippine tax compliance and support post-pandemic recovery
The Asian Development Bank (ADB) has approved a $400 million loan to support the Philippines in achieving its medium-term fiscal goals, emphasizing enhanced tax compliance, and reduced avoidance, with a focus on post-pandemic economic recovery and modernization of tax administration systems.
LandBank has disbursed ₱1.1 billion in fuel subsidies to 190,130 public utility vehicle drivers and operators as of November 9, supporting the transport sector amid rising fuel prices.
Unionbank plans to increase its SME loan portfolio by 30% in 2024, targeting P16 billion by the end of 2023, with a goal to reach one million customers by 2030.
FinTech Alliance.ph and Austrade, the Australian government’s trade and investment arm, have signed an MOU to enhance fintech cooperation, addressing policy and regulatory challenges, fostering innovation, and facilitating information exchange between the Philippines and Australia.
JuanHand and SeaBank sign one of the first cross-institution loan channeling agreements in the Philippines, aiming to provide P300 million in loan capital through the JuanHand app to underserved borrowers.
Robinsons Bank Corp. reports a 37% drop in profit over nine months, with a significant decline in the third quarter, driven by decreased net interest income and increased operating expenses.