Palace: PH to get up to $4B in ADB funding

THE Philippines is assured of additional funding to bankroll major infrastructure projects after the Asian Development Bank (ADB) promised to give the government up to $4 billion in loans this year, Malacañang said.

Presidential Communications Secretary Cheloy Garafil said ADB President Masatsugu Asakawa made the commitment during a meeting with President Ferdinand Marcos Jr. on Monday.

“This 2023 alone, we expect to provide up to $4 billion to support the government’s Socio-Economic Agenda and the Build Better More infrastructure development program,” Asakawa was quoted as having told Marcos during a reception at the ADB headquarters in

Mandaluyong City.

“This includes 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,” he added.

Asakawa said ADB had increased its financing to the Philippines by fourfold, reaching a total of $12.7 billion between 2018 and 2022.

He also said that the ADB was fully committed to helping the Philippines address climate change, saying “it will be a core priority of our assistance going forward,” given the Philippines’ vulnerability to the impacts of

climate change due to its exposure to severe weather events.

The ADB was the Philippines’ top source of active official development assistance (ODA) among 20 development partners in 2022, accounting for 34 percent — $10.74 billion for 31 loans and 28 grants — of the $31.95 billion of the total active ODA.

From 2010 to 2022, the ADB’s annual loan financing for the Philippines averaged at $1.4 billion.

With its continuing commitment to the Philippines, three loans amounting to $1.10 billion were signed with the bank within the first nine months of the Marcos administration.

Asakawa also thanked the Philippines for being a good host to the ADB’s annual meeting in September last year, where the lending institution announced a $14-billion assistance package from 2022 to 2025 to help developing member countries address food security issues.

Marcos, for his part, expressed gratitude to the ADB, ensuring that the ADB-supported projects will be timely executed.

“Our goal remains clear: to transform our economy into one characterized by sustainability, climate resilience, responsiveness and inclusivity,” he said.