PHL to prepay $300M in ODA loans from ADB

The Philippines will prepay $300 million worth of official development assistance (ODA) loans this year, according to the the Bureau of the Treasury, saying the government now has the flexibility to pay ahead of maturity its foreign obligations. “We have money,” National Treasurer Rosalia de Leon told reporters over the weekend, noting that un-programmed portions of the national budget may be tapped by the Treasury Bureau to cover the prepayments. She said the $300 million were development loans given by Manila-based Asian Development Bank. A large chunk of the loan was used for a food-security program, De Leon added.  — VS, GMA News