The Asian Development Bank (ADB) is in the final stages of approving $500 million in financing for the Philippines as part of the Climate Change Action Program (CCAP) Subprogram 2, the Department of Finance (DOF) said.
In a statement, the DOF said the announcement was made by ADB president Masatsugu Asakawa during a high-level meeting last August 28 at the ADB Headquarters in Ortigas.
The program is part of the ADB’s $10- billion climate finance commitment for the Philippines from 2024 and 2029, which was announced by Asakawa last year.
The financing commitment aims to improve the climate resilience of local communities, ecosystems and the national economy.
It focuses on investments in public transport, clean energy, disaster risk management and social protection.
The CCAP2 builds on the accomplishments of the CCAP1 signed in June 2022, which made the Philippines a pioneer of the ADB’s first-ever policy-based loan dedicated to climate action.
In addition, Asakawa pledged to continue leveraging regional facilities, such as the Asean Catalytic Green Finance Facility and the Green Climate Fund, to enhance the availability and accessibility of grant financing in the Philippines.
He said the ADB’s new Country Partnership Strategy (CPS) for the Philippines for 2024 to 2029 will be reviewed for consideration by the ADB Board next week.
The CPS focuses on critical areas, including human development, economic competitiveness, quality infrastructure, climate action and private sector development.
Meanwhile, Asakawa affirmed the ADB’s full support to the Philippines for winning the bid to host the Loss and Damage Fund Board, emphasizing that this will further cement the country’s leadership on climate change issues in the region.
Finance secretary Ralph Recto assured the ADBthe Philippine government has strong political will to ensure that official development assistance projects are implemented with maximum efficiency and effectiveness.
Asakawa reaffirmed the ADB’s commitment to working closely with the DOF to guarantee the effective implementation of the CPS and deliver tangible results for Filipinos as well as resolve any implementation challenges on projects through smoother coordination.
