The Philippines and the Asian Development Bank (ADB) have discussed further development cooperation and aligned the partnership strategy for the next six years with the Marcos Jr. administration’s priorities, the Department of Finance (DOF) said yesterday.
In a statement, the DOF said Finance Secretary Benjamin Diokno and ADB Country Director Kelly Bird had a courtesy call meeting last August 3.
“I am very pleased to hear that the Bank is fully committed to helping us fulfill our goal of inclusive and sustainable long-term growth by aligning the ADB-Philippines Country Partnership Strategy with this administration’s socioeconomic priorities,” Diokno said.
Specifically, the multilateral lender proposed three key pillars for its 2024-2029 framework — climate action, climate smart transport and communication, and investing in Filipinos’ welfare.
Consultations to refine this framework will commence in October this year, the DOF said.
Diokno thanked the ADB for its strong support and for charting its direction within the Marcos administration’s eight-point socioeconomic agenda.
In the near-term, the DOF said the Marcos administration seeks to address the most urgent issues confronting the Filipino people, such as rising prices of essential commodities and the lingering economic scars from the pandemic
In the medium-term, the plan aims to drive the creation of more jobs, quality jobs and green jobs. The Marcos administration aims to achieve this through massive investments in infrastructure, human capital development and digitalization, the DOF said.
Bird said the ADB is fully committed to support the administration’s programs. He emphasized that the ADB’s program for the Philippines has been large and diversified, with its lending program to the country averaging $3 billion annually until 2024.
There are 28 ongoing loans amounting to $8.33 billion in the country’s current portfolio.
These cover projects in three strategic pillars: infrastructure and long-term investments, promoting local economic development, and investing in people.
As of December 2021, the ADB is the country’s second largest source of official development assistance (ODA) financing reaching almost $9 billion. The amount accounts for 28 percent of the total ODA to the country.
