The Philippine Development Plan (PDP), 2011–2016 called for real gross domestic product (GDP) to grow by an average of 7%–8% per year, investment ratios to reach 22% by 2016, and a corresponding 17% reduction in extreme poverty. Recognizing the role played by investment in meeting the broader goals of inclusive economic growth and poverty reduction, the PDP targeted public infrastructure spend
The Philippines is an early leader in the move towards decentralized local governance and fiscal decentralization in Southeast Asia. As early as the 1970s, it explored various institutional and legal arrangements for central–local fiscal relations. In 1991, it passed the Local Government Code, providing an ambitious mandate for local governments to deliver public services.
In January 2007, the Asian Development Bank (ADB), at the request of the government of the Philippines, approved a $33.8 million loan, and a $9.0 million grant from the Global Environment Facility (GEF) it administers, for the Integrated Coastal Resources Management Project.
In March 2009, the Asian Development Bank (ADB) approved a loan of $50 million to the government-owned Development Bank of the Philippines (DBP) for the Credit for Better Health Project.
A 2007 study by the Asian Development Bank (ADB) identified the lack of macroeconomic stability, high costs of doing business, inadequate infrastructure, and weak investor confidence as the key binding constraints to sustained growth and poverty reduction in the Philippines.
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