MANILA – The Asian Development Bank (ADB) said lending for the Philippines is expected to reach USD24 billion between 2024 and 2029, as the government ramps up projects and programs to sustain growth and boost the country's resilience against the effects of climate change.
The indicative pipeline is in line with the priorities identified in ADB's newly-launched country partnership strategy (CPS) for 2024 to 2029 that sets a transformative agenda for the Philippines in the next six years.
"Last year we provided $4.5 billion in both sovereign and non-sovereign assistance, and we expect to sustain a similar level of annual financial support during the new CPS. This is an indicative amount which is subject to annual review with the government," ADB Country Director for the Philippines Pavit Ramachandran said in a statement.
"Our support includes project preparation and feasibility studies for the government’s big-ticket investments under the Infrastructure Preparation and Innovation Facility as well as transaction advisory services for PPP (Public-Private Partnership) projects," he said.
The CPS will focus on key areas such as human development, economic competitiveness and quality infrastructure, as well as nature-based development and disaster resilience.
Under the new strategy, the ADB will also intensify support for initiatives that benefit low-income households, promote regional economic growth corridors through flagship infrastructure investments, and shift focus to emerging sectors like clean energy, blue economy, and nature-based investments.
The CPS also aligns with the Philippines’ development goals, reinforcing the government's reform momentum in areas such as private sector development, public investment, and social inclusion.
The ADB will also work to embed climate actions across its engagements and investment plans in the country.
Under the new CPS, the ADB will catalyze private sector-led development by supporting policy and regulatory reforms, strengthening of markets and investment pipelines, and expanding funding availability.
“This new strategy will further a flourishing collaboration to support the country in achieving a prosperous future that leaves no one behind, particularly as it faces the dual challenges of accelerating economic growth and addressing persistent poverty and income inequalities,” Ramachandran said.
“We are leveraging our full suite of support modalities—financial and nonfinancial—to deliver transformative impact, ensuring that the benefits of growth reach all Filipinos, particularly the most vulnerable,” he said. (PNA)
