Finance Secretary Carlos Dominguez III and Asian Development Bank (ADB) Deputy Director General Winfried Wicklein exchange their copies of two loan agreements aimed at supporting the Philippines’ climate action agenda and further developing the domestic capital markets as a source of financing for its infrastructure modernization program.

The Philippines is now one of the pioneers in climate policy development financing in the region with the signing of the US$250 million loan agreement for the Climate Change Action Program, Subprogram 1 (CCAP1), as this is the ADB’s first-ever climate change policy-based loan. The government of France, through the Agence Française de Développement (AFD), is also providing a separate 150-million Euro loan to support the CCAP1’s objectives.

Secretary Dominguez and Mr. Wicklein also exchanged their copies of the loan agreement for the Capital Market Generated Infrastructure Financing, Subprogram 2 (CMGIF2), which provides the Philippines with a US$400-million financing package to help deepen its capital markets as a source of financing of both the public and private sectors for infrastructure projects. The exchange of loan documents was held on Friday (June 3, 2022) at the Department of Finance (DOF) Office in Manila.