Philippines, Oct. 14 -- The Asian Development Bank (ADB) has approved a $400 million policy-based loan to support reforms aimed at raising the efficiency of the Philippines' insurance industry, creating an enabling environment for broader participation in the sector, and helping stimulate stronger economic growth.The Insurance Reform Program, Subprogram 1 supports broader financial sector development reforms in regulation and supervision, including greater intermediation of long-term credit for government infrastructure projects. It is designed to foster a more efficient, consumer-oriented, and technologically advanced insurance market that strengthens climate risk management and disaster resilience. The new program will be implemented in t...