NATIONAL
Advocates Philippines
PBBM To ADB: 'We Will Meet Those Responsibilities'
Photo credit: PCO
President Ferdinand R. Marcos Jr. has reaffirmed the Philippines' commitment to the Asian Development Bank (ADB), pledging to uphold the responsibilities of the country towards the regional financial institution. Drawing inspiration from his father, former President Ferdinand E. Marcos, who made similar commitments over 50 years ago, President Marcos expressed the significance of the mutually beneficial relationship between the Philippines and the ADB.
Speaking at a reception held at the ADB's headquarters in Mandaluyong City, President Marcos assured that his administration would diligently execute plans and projects while ensuring the judicious utilization of loans and technical assistance granted by the ADB. Recognizing the ADB as a dependable and unparalleled partner for nearly six decades, President Marcos highlighted the extensive developmental assistance programs that the institution has extended to the Philippines, spanning across various administrations.
During his nine-month tenure, President Marcos reported that three strategic programs have been signed with the ADB, with many more in the pipeline. These initiatives are aimed at strongly supporting the country's high-priority developmental goals. Furthermore, the administration eagerly awaits the release of the Country Partnership Strategy for 2024-2029, which will outline the ADB's recommended medium-term development agenda for the Philippines. Aligned with the Philippine Development Plan, the strategy, titled "Investing in Climate, Filipinos and the Future," will address post-pandemic recovery and the climate crisis.
In light of the challenges posed by the climate crisis, President Marcos emphasized the importance of the ADB's role in providing crucial development interventions, particularly in climate-related projects. Acknowledging the ADB's reputation as the "climate bank" of Asia and the Pacific, President Marcos expressed confidence in the institution's ability to offer strategic financing and technical assistance for climate-responsive initiatives.
The administration has strategically integrated the climate agenda into its overall plan, increasing annual public infrastructure spending to 6 percent of the gross domestic product (GDP) as part of its "Build Better More" agenda. Sustainability, climate resilience, and disaster-proofing will be incorporated at every stage of societal and infrastructural planning, design, construction, and maintenance.
The ADB holds the distinction of being the Philippines' top source of active Official Development Assistance (ODA) among 20 development partners in 2022. Accounting for 34 percent of the total active ODA, the ADB provided loans and grants amounting to US$10.74 billion for 31 loans and 28 grants. From 2010 to 2022, the ADB's annual loan financing for the Philippines averaged at US$1.4 billion.
Continuing its commitment to the Philippines, the ADB has already signed three loans totaling US$1.10 billion within the first nine months of the Marcos administration. Additional loan assistance amounting to US$11.55 billion for 2023-2025 is in the pipeline, including projects such as the Davao Public Transport Modernization Project (US$1.07 billion), Malolos-Clark Railway Project Tranche 2 (US$1 billion), and South Commuter Railway Project Tranche 2 (US$1.75 billion).
Established in 1966, the ADB remains dedicated to achieving prosperous, inclusive, resilient, and sustainable development in Asia and the Pacific, while simultaneously striving to eradicate extreme poverty.
Speaking at a reception held at the ADB's headquarters in Mandaluyong City, President Marcos assured that his administration would diligently execute plans and projects while ensuring the judicious utilization of loans and technical assistance granted by the ADB. Recognizing the ADB as a dependable and unparalleled partner for nearly six decades, President Marcos highlighted the extensive developmental assistance programs that the institution has extended to the Philippines, spanning across various administrations.
During his nine-month tenure, President Marcos reported that three strategic programs have been signed with the ADB, with many more in the pipeline. These initiatives are aimed at strongly supporting the country's high-priority developmental goals. Furthermore, the administration eagerly awaits the release of the Country Partnership Strategy for 2024-2029, which will outline the ADB's recommended medium-term development agenda for the Philippines. Aligned with the Philippine Development Plan, the strategy, titled "Investing in Climate, Filipinos and the Future," will address post-pandemic recovery and the climate crisis.
In light of the challenges posed by the climate crisis, President Marcos emphasized the importance of the ADB's role in providing crucial development interventions, particularly in climate-related projects. Acknowledging the ADB's reputation as the "climate bank" of Asia and the Pacific, President Marcos expressed confidence in the institution's ability to offer strategic financing and technical assistance for climate-responsive initiatives.
The administration has strategically integrated the climate agenda into its overall plan, increasing annual public infrastructure spending to 6 percent of the gross domestic product (GDP) as part of its "Build Better More" agenda. Sustainability, climate resilience, and disaster-proofing will be incorporated at every stage of societal and infrastructural planning, design, construction, and maintenance.
The ADB holds the distinction of being the Philippines' top source of active Official Development Assistance (ODA) among 20 development partners in 2022. Accounting for 34 percent of the total active ODA, the ADB provided loans and grants amounting to US$10.74 billion for 31 loans and 28 grants. From 2010 to 2022, the ADB's annual loan financing for the Philippines averaged at US$1.4 billion.
Continuing its commitment to the Philippines, the ADB has already signed three loans totaling US$1.10 billion within the first nine months of the Marcos administration. Additional loan assistance amounting to US$11.55 billion for 2023-2025 is in the pipeline, including projects such as the Davao Public Transport Modernization Project (US$1.07 billion), Malolos-Clark Railway Project Tranche 2 (US$1 billion), and South Commuter Railway Project Tranche 2 (US$1.75 billion).
Established in 1966, the ADB remains dedicated to achieving prosperous, inclusive, resilient, and sustainable development in Asia and the Pacific, while simultaneously striving to eradicate extreme poverty.
May 22, 2023
