The Asian Development Bank (ADB) is looking at funding several infrastructure projects as part of its five-year Philippine Strategy Program 2024- 2029.
To be covered by the ADB’s development assistance to the country are the Laguna Lakeshore Road Network project, the Bataan-Cavite Bridge and he Davao Bus Modernization Program, according to Pavit Ramachandran, ADB country director.
The Bataan-Cavite Bridge, also called the Manila Bay Bridge has been proposed to be built for P175.7 billion.
The ADB was reported earlier to have committed to extend $1 billion to the Davao bus modernization which entails the deployment of the first electric bus fleet system in the country.
Ramachandran said the ADB financing for the Laguna Lakeshore project covers the first tranche of a 10-year, multi-tranche financing facility for the project.
The ADB financing will be complemented by a $188-million financing from the Asian Infrastructure Investment Bank and a planned P50.61-billion financing from the Export-Import Bank of Korea-Economic Development Cooperation Fund.
“We have supported a number of the 186 flagship programs now – the Bataan-Cavite bridge, the Davao bus modernization program. We are in the process, last stages, of having the Laguna Lake Shore road network project presented to our board for approval. We’ll be supporting the MRT (Metro Rail Transit) 4 next year,” Ramachandran said.
“We have a number of flood disaster resilience projects in several river basins in Mindanao and Luzon and other areas,” he added.
Ramachandran said the ADB is likewise allocating $500 million for the Second Disaster Resilience Improvement Program of the country to improve disaster risk management policies and frameworks.
On Monday, the ADB and the Department of Budget and Management unveiled the $500 million ADB-funded Public Finance Management (PFM) reform roadmap, which aims to strengthen PFM systems in the government to foster private sector participation in public investments and address climate change.
