The Asian Development Bank (ADB), led by President Masatsugu Asakawa, hosted a reception for President Ferdinand Marcos, Jr. in celebration of its longstanding partnership with the Philippines at the ADB headquarters in Mandaluyong City on May 22, 2023.
The President was joined by Finance Secretary and ADB Governor for the Philippines Benjamin E. Diokno and the economic managers in a bilateral meeting to discuss the Bank’s ongoing and pipeline support to the Philippines for infrastructure, public transport, agriculture, energy, climate action, health, and education, among other development areas.
Established in 1966, the ADB provides loans, technical assistance, grants, and equity investments to its members and partners for social and economic development in the Asia and Pacific region.
As of end-2022, the ADB is the Philippines’ largest official development assistance (ODA) partner with active loans and grants amounting to US$10.7 billion, which accounts for 34 percent of the US$32 billion total active ODA.
Big-ticket projects in the Philippines include the Malolos-Clark Railway Project (MCRP) and South Commuter Railway Project (SCRP) (under the North-South Commuter Railway Project) and the Climate Change Action Program (CCAP), which is the first climate action loan of the ADB.
The President expressed his appreciation for the Bank’s support towards the PBBM administration’s 8-Point Socioeconomic Agenda and Philippine Development Plan (PDP) 2023-2028.
Now, the administration anticipates the release of ADB’s updated Country Partnership Strategy (CPS) 2024-2029, with the theme, Investing in Climate, Filipinos and the Future.
The CPS will allow the ADB to continue its support to the country while focusing on mitigating the impact of climate change, investing in Filipinos, and developing climate-smart infrastructure. It also lays out the recommended medium-term development agenda for the Philippines.
The updated CPS is aligned with the PDP 2023-2028 on reducing poverty and inequality, sustaining high economic growth, and generating more, better, and green jobs for Filipinos.
Currently, three loans amounting to US$1.1 billion were signed within the first nine months of the PBBM administration with additional loan assistance in the pipeline amounting to US$11.6 billion for 2023-2025.
Among these projects are the Malolos-Clark Railway Project (MCRP) Tranche 2 (US$1 billion), and South Commuter Railway Project (SCRP) Tranche 2 (US$1.75 billion).
