The Asian Development Bank (ADB) has committed a total of 621 public sector loans, grants and technical assistance to the Philippines to date, with a cumulative amount of $29.9 billion.
According to the ADB’s latest fact sheet on the Philippines posted on its website, cumulative loan and grant disbursements to the Philippines amounted to $24.09 billion.
These were financed by regular and concessional ordinary capital resources and other special funds.
ADB’s current sovereign portfolio in the Philippines includes 23 loans and one grant worth $7.55 billion.
In 2022, ADB approved its biggest project financing loan for Asia and the Pacific to date through the Philippines’ $4.3 billion South Commuter Railway Project.
The bank also committed its first dedicated climate change policy-based loan through the $250-million Climate Change Action Program, Subprogram 1.
To help raise the supply of long-term finance, especially for infrastructure development in the country, ADB also committed last year a $400-million policy-based loan through the Support to Capital Market-Generated Infrastructure Financing Program, Subprogram 2.
Meanwhile, to help Filipinos meet the new demands for digital and cognitive skills in the labor market, ADB committed a $100-million loan under Supporting Innovation in the Philippine Technical and Vocational Education and Training System Project.
Moving forward, ADB is preparing the country partnership strategy for the Philippines for 2024 to 2029, which the bank said will continue its momentum of support while seeking to re-enforce its focus on mitigating the impacts of climate change, investing in Filipinos and developing climate-smart infrastructure.
“Climate action will be a key strategic priority in the coming years. Knowledge support that will inform country sector teams in aligning interventions toward a stronger climate agenda will be provided. Job creation will also be a high priority in ADB’s operations, with a focus on facilitating job transitions and upskilling,” the multilateral agency said.
“ADB will continue to focus on investments that connect communities through infrastructure; raise the country’s climate readiness through mitigation, adaptation, and conservation; improve disaster resilience; address skills development and support business and employment recovery; advance social protection; and improve access to health care,” it added. – Angela Celis
