Carrot Chip

Financial Market Regulation and Intermediation Program Subprogram 2 (RRP PHL 38276-02)

DEVELOPMENT COORDINATION A. Major Development Partners: Strategic Foci and Key Activities

1. The Asian Development Bank (ADB) is the lead multilateral development partner with regard to nonbank financial sector reforms. Subprogram 2 of the Financial Market Regulation and Intermediation Program is a policy-based program loan that supports the government’s efforts to improve access to finance and to increase the contribution of the financial sector to economic growth. The table provides a summary of ongoing development projects and may be used as a reference to identify areas that require further attention. Major Development Partners

Sectors and Themes Banking and formal credit (including SMEs and trade finance) WB ADB Development Partner Project Name Year Amount

Banking System Reform SBGFC’s Small and Medium Enterprise Development Support Project Banking System Reform Program Loan DBP’s Information Technology and Industry Support Loan

1998 2006

$300.00 million $24.30 million

JBIC

1999

$383.68 million

2001

$284.70 million

German Development Cooperation through KfW IMF

Credit Line for SMEs SME Finance Program

1999 2005

$55.30 million $14.95 million

Long-term resident adviser on banking supervision at BSP Technical assistance to BSP for securities market development

Capital markets, corporate governance, and nonbank financial institutions, Support through technical assistance for policy, advisory, and capacity building of key sector institutions

2

Sectors and Themes ADB Development Partner

Project Name Capital Market Development Program Nonbank Financial Governance Program Second Nonbank Financial Governance Program Peso Swap and Financing Project

Year 1995

Amount $150.00 million

2001

$75.00 million

2003

$50.00 million

2003

World Bank

Local Governance Finance and Development Project LBP’s LGU...