QUEZON CITY (PIA) -- The Asian Development Bank (ADB) will grant the Philippines up to US$4 billion to support the country’s socio-economic agenda and other infrastructure development programs for 2023.
“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,” said ADB President Masatsugu Asakawa during the ADB reception at its headquarters in Mandaluyong City on Monday.
This includes the preparation of several transformative projects such as the Bataan-Cavite Interlink Bridge Project, the Davao Public Transport Modernization Project, and the Integrated Floor Resilience and Adaptation Project.
President Asakawa said the ADB has boosted its financing to the Philippines by fourfold reaching a total of US$12.7 billion between 2018 and 2022.
In response, President Ferdinand R. Marcos Jr. made a commitment to the ADB saying that the Philippines will hold fast to its responsibilities to the regional financial institution like his father did.
“The Philippines stands to significantly gain from this mutually beneficial relationship with the ADB. We are aware of the responsibilities that this relationship carries with it. But I will re-echo my father’s words during the ADB inauguration some 57 years ago: ‘We will meet those responsibilities’,” President Marcos said.
The Chief Executive also promised to ensure that these plans and projects are strictly and timely executed and the loans and other technical assistance granted to the country are used judiciously.
ADB President said the development bank is also fully committed to helping the country in addressing climate change and “it will be a core priority of our assistance going forward.”
ADB’s annual loan financing for the Philippines averaged US$1.4 billion from 2010 to 2022.
Within the first nine months of Marcos administration, three loans amounting to US$1.10 billion were signed with the Bank.
Furthermore, the administration is waiting for the release of the Country Partnership Strategy for 2024-2029.
This clearly explains the Bank’s recommended medium-term development agenda for the country, guided by the theme, “Investing in Climate, Filipinos and the Future.”
It is also consistent with the Philippine Development Plan. (ARB, PIA-CPSD)