THE ASIAN DEVELOPMENT Bank (ADB) has approved a $1.10 million technical assistance grant for a project seeking to enhance financial management capacity in the Asia-Pacific region, including the Philippines.
The Strengthening Financial Management in Asia and the Pacific, Phase 2 project was approved by the ADB on Nov. 29.
“The knowledge and support technical assistance will support the enhancement of financial management capacity in Asia and the Pacific, with a focus on: improving the quality of financial audits by private and public audit professionals; supporting the adoption of International Public Sector Accounting Standards; and (developing the financial management and audit function capacity of staff in project executing and implementing agencies and supreme audit institutions in ADB developing member-countries.
This will expand the assistance from the first phase, for which $1.21 million has been allocated since October 2014.
Countries covered are: Armenia, Cambodia, Georgia, Nepal, Pakistan, the Philippines, Samoa, and Uzbekistan.
The project also seeks to strengthen governance and improve institutional capacity, standards in the covered countries’ financial management, and also support regional integration.
The ADB will also exchange loan documents today on the Expanding Private Participation in Infrastructure Program — Subprogram 2 (EPPIP2) and Inclusive Finance Development Program — Subprogram 1 (IFDP1) with the Philippine government.
The EPPIP2 is a $300 million loan that seeks to strengthen government financial support to public-private partnerships (PPPs), expanding and efficiently implementing the pipeline of PPP projects, and strengthening the legal and regulatory frameworks for PPPs.
The IFDP1 was also worth $300 million, and aimed to establish an institutional policy environment and infrastructure for financial inclusion, as well as building capacity of financial service providers. — Elijah Joseph C. Tubayan