RP absorbs more aid

RP absorbs more aid

MANILA (AFP): The Philippines' absorption of assistance from the Asian Development Bank and the Overseas Economic Cooperation Fund (OECF) of Japan has increased in the first quarter of 1995, the chief aid coordinator Alan Ortiz said here yesterday.

Ortiz said total drawdowns of ADB loans to the Philippines increased by 23.47 percent and drawdowns on OECF loans rose at least 28.7 percent in the first three months of the year compared to the same period in 1994.

Total availments of ADB loans hit US$52.49 million and availments of OECF loans hit 22.54 billion yen ($268 million) in the first quarter of 1995 he said.

Ortiz said that in the coming months, the Philippines would improve its absorption of aid from other sources such as the World Bank.

Foreign donors have often criticized the Philippines for not being able to absorb the funds made available to it due to lack of counterpart funds, inadequate infrastructure and other bottlenecks.