Share this
Twitter
Digg
Del.icio.us
Reddit
Yahoo
Googlize this
Facebook
Export PDF
Print
E-mailThe Philippine government is set to receive financial aid from the Asian Development Bank (ADB), which approved on Thursday a USD400 million (almost P19 billion) loan to support programs for the poor.
According to the ADB, the amount will be enough to cover 582,000 families over a period of five years.
“We are thankful for the ADB’s approval of a USD400 million loan for the expansion of the Pantawid Pamilyang Pilipino Program,” said Social Welfare Secretary Dinky Soliman.
"[The loan] is very timely, as the will increase the number of families receiving monthly cash grants to 2.3 million by the end of 2011," Soliman added.
The program which seeks to “help the most vulnerable families move out of their vulnerabilities,” encourages poor families in sending their children to school and seeking regular health care. Through the Department of Social Welfare and Development, families enrolled in the program receive monthly cash grants of up to P1,400, or up to P15,000 in a year.
“Conditional cash transfer programs have proven to be an effective way of keeping children healthier and in school. These programs help families break free from the cycle of poverty,” said Camilla Holmemo, ADB poverty reduction specialist.
“This project will help families escape poverty while ensuring young people have better opportunities for advancement,” she added.
However, Soliman mentioned that the country might not be able to meet its Millennium Development Goal of reducing poverty rate to 12.5 percent by 2015. As of 2006, poverty incidence still stands at 33 percent.
“We will be measured by what we agreed upon and by 2015, poverty incidence at that point should be 12.5 percent. That is what the government has committed itself to and I assure you that we will not get there at 2015," she said. “It's gonna be tough to meet that condition, and we will see if we can come up with a revised target for that.”
According to the National Statistical Coordination Board, a more realistic expectation would be to see poverty lowered to 22.7 percent by 2015.
Add this page to your favorite Social Bookmarking websites
