The Asian Development Bank has proposed climate action, climate smart transport and communication and investing in Filipinos’ welfare in the Philippines for the next six years, the finance department said Wednesday.
Finance Secretary Benjamin Diokno said ADB Country Director Kelly Bird discussed development cooperation under the new administration of President Ferdinand “Bongbong” Marcos Jnr during a courtesy call last August 3.
Today, I met with @ADBPhilipines to discuss how we can further expand our development cooperation. pic.twitter.com/zareAquG6a
— Benjamin Diokno (@SecBenDiokno) August 3, 2022
He said the ADB proposed 3 key pillars for its 2024 to 2029 framework, namely climate action, climate smart transport and communication and investing in Filipinos’ welfare. A consultation to refine this framework will commence in October, the DOF said.
Diokno said the ADB’s support is in line with the Marcos administration’s 8-point economic agenda, which includes addressing inflation, and scarring from the COVID-19 pandemic.
Jobs creation, which is also part of the agenda, can be achieved through massive investments in infrastructure, human capital development and digitalization, the agency added.
Bird said the ADB is fully committed to support the administration’s program. Its lending program to the country is averaging $3 billion annually until 2024, he said.
So far, there are 28 ongoing loans amounting to $8.33 billion in the country’s current portfolio, DOF data showed.
Among the ongoing projects supported by the ADB are the Malolos-Clark Railway Project, EDSA Greenways Project, projects on local governance and programs for COVID-19 recovery, among others, it said.
The ADB is the country’s second largest source of official development assistance (ODA) as of December 2021.
— with a report from Warren De Guzman, ABS-CBN News