NEWSFLASH

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DONORS OFFER $2-B AID AND GRANTS TO RP

Manila, April 25, 1998 - Various international donors led by the World Bank and the Asian Development Bank have offered the Philippines more than $2 billion in development assistance and grants to help the country recover from the regional economic crisis.

Financial sources said the donor-support initiatives include $1.01 billion in proposed program loans, $700 million from the ADB and $350 million in three project loans from the ADB and the World Bank.

In addition, the donors have offered an unspecified amount in technical assistance.

The government is now weighing the offers which could help overcome investors' pessimism over the country's financial outlook.

Other donors for additional technical assistance include Canada for the banking/financial sector and the United Nations Development Program, for the strengthening of the Philippine Deposit Insurance Corporation.

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