NATIONAL
Advocates Philippines
ADB Grants US$4B For PH's Socio-Economic Agenda, Infrastructure Development
Photo credit: PCO
The Asian Development Bank (ADB) will provide the Philippines with up to US$4 billion to support the country's socio-economic agenda and infrastructure development programs for this year.
“This 2023 alone, we expect to provide up to US$4 billion to support the government’s Socio-Economic Agenda and the Build Better More infrastructure development program,” ADB President Masatsugu Asakawa told President Ferdinand R. Marcos Jr. during the ADB reception at its headquarters in Mandaluyong City on May 22.
The funding will be allocated towards various projects, including the Bataan-Cavite Interlink Bridge Project, the Davao Public Transport Modernization Project, and the Integrated Floor Resilience and Adaptation Project.
Asakawa emphasized the importance of the ADB's partnership with the Philippines and highlighted that the institution has quadrupled its financing to the country, reaching a total of $12.7 billion between 2018 and 2022.
Recognizing the Philippines' vulnerability to climate change impacts, Asakawa assured that addressing climate change would be a core priority of the ADB's assistance in the future.
During the COVID-19 lockdown in 2020, he personally distributed food packages under the Bayanihan project to over 260,000 vulnerable families in Metro Manila.
Asakawa praised the Philippines for its hospitality during the ADB's annual meeting in September last year, where the financial institution unveiled a US$14 billion assistance package from 2022 to 2025 to help developing member countries address food security issues.
Masatsugu emphasized the enduring partnership between ADB and the Philippines, which serves as the host country. He acknowledged the significant role played by the late President Ferdinand E. Marcos in establishing ADB headquarters in Manila several decades ago.
Furthermore, Masatsugu highlighted that 70% of the ADB's headquarters staff consists of Filipinos.
In 2022, the ADB emerged as the primary source of active Official Development Assistance (ODA) for the Philippines among 20 development partners. This accounted for 34% (US$10.74 billion for 31 loans and 28 grants) of the US$31.95 billion of the total active ODA.
From 2010 to 2022, the ADB's annual loan financing for the Philippines averaged at US$1.4 billion.
The ADB signed three loans amounting to US$1.10 billion within the first nine months of the Marcos administration.
“This 2023 alone, we expect to provide up to US$4 billion to support the government’s Socio-Economic Agenda and the Build Better More infrastructure development program,” ADB President Masatsugu Asakawa told President Ferdinand R. Marcos Jr. during the ADB reception at its headquarters in Mandaluyong City on May 22.
The funding will be allocated towards various projects, including the Bataan-Cavite Interlink Bridge Project, the Davao Public Transport Modernization Project, and the Integrated Floor Resilience and Adaptation Project.
Asakawa emphasized the importance of the ADB's partnership with the Philippines and highlighted that the institution has quadrupled its financing to the country, reaching a total of $12.7 billion between 2018 and 2022.
Recognizing the Philippines' vulnerability to climate change impacts, Asakawa assured that addressing climate change would be a core priority of the ADB's assistance in the future.
During the COVID-19 lockdown in 2020, he personally distributed food packages under the Bayanihan project to over 260,000 vulnerable families in Metro Manila.
Asakawa praised the Philippines for its hospitality during the ADB's annual meeting in September last year, where the financial institution unveiled a US$14 billion assistance package from 2022 to 2025 to help developing member countries address food security issues.
Masatsugu emphasized the enduring partnership between ADB and the Philippines, which serves as the host country. He acknowledged the significant role played by the late President Ferdinand E. Marcos in establishing ADB headquarters in Manila several decades ago.
Furthermore, Masatsugu highlighted that 70% of the ADB's headquarters staff consists of Filipinos.
In 2022, the ADB emerged as the primary source of active Official Development Assistance (ODA) for the Philippines among 20 development partners. This accounted for 34% (US$10.74 billion for 31 loans and 28 grants) of the US$31.95 billion of the total active ODA.
From 2010 to 2022, the ADB's annual loan financing for the Philippines averaged at US$1.4 billion.
The ADB signed three loans amounting to US$1.10 billion within the first nine months of the Marcos administration.
May 24, 2023
