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ADB to Help Philippines Fight Money Laundering Crimes
The Asian Development Bank (ADB) is helping the Philippines strengthen its institutional capacity to combat money laundering through a technical assistance (TA) grant of $400,000.
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ADB announces new Country Strategy and Program Update for 2005-2007
ADB's Executive Board endorsed on 13 July 2005 a new 3-year strategy for ADB operations in the Philippines under which new lending could reach as much as US$1.5 billion, depending on the pace of fiscal consolidation and key sector reforms. The new Country Strategy and Program (CSP) for 2005-2007 is an innovative and flexible approach designed to build on the lessons of the past, better accommodate policy and economic uncertainties, and produce more demonstrable impact in reducing poverty.
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New ADB loan to finance purchase of Equitable PCI Bank NPLs and NPAs
ADB approved on 11 July 2005 a local currency loan to a special purpose vehicle (SPV) to finance the purchase of a portfolio of nonperforming loans and nonperforming assets (NPLAs) from Equitable PCI Bank and Equitable Savings Bank. The portfolio being acquired has a book value of US$98 million equivalent.
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ADB and GDC Sign MOA to Coordinate Their Assistance for BIMP EAGA
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Shamshad Akhtar, Director General, ADB Southeast Asia Department and Martin Müller, Director, German Technical Cooperation Agency (GTZ) |
ADB and GTZ, on behalf of the German Development Cooperation (GDC), signed on 23 June 2005 a Memorandum of Agreement to enhance their coordination of assistance and cooperation in the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA). Closer cooperation among the two donors will help ensure the effectiveness and efficiency of their activities in the BIMP-EAGA, where there is renewed interest.
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Philippine Forestry Forum Held in ADB
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Shamshad Akhtar, Director General, ADB Southeast Asia Department, with past and present Philippine Environment Secretaries at the Forestry Forum |
Sustainable forest and other natural resource management must be tackled to reduce poverty and ensure livelihoods in the Philippines, a senior ADB official told a forum that opened on 2 June 2005. Shamshad Akhtar, Director General of ADB's Southeast Asia Department said the Philippines faces an enormous challenge in maintaining and preserving its natural resources, including forests. The first Philippine Forestry Development Forum aims to promote forestry in national development and formulate solutions to problems in the industry.
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New ADB President meets President Arroyo
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ADB President Haruhiko Kuroda and Philippine President Gloria Macapagal-Arroyo |
ADB President Haruhiko Kuroda affirmed on 11 April 2005 the ADB's strong development partnership with the Philippines in his first meeting at Malacanang Palace with President Gloria Macapagal-Arroyo since he assumed office in February 2005. He cited ADB's continuing support to the government's efforts in fiscal consolidation, reforms in the power sector, and improvements in the investment climate.
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