ASSURED FUNDING | President Ferdinand Marcos Jr. meets with Asian Development Bank officials, led by bank president Masatsugu Asakawa (beside Marcos in suit). (MALACAñANG PHOTO)
MANILA, Philippines — The Asian Development Bank (ADB) has pledged to provide $4 billion this year to support the Philippines’ socioeconomic agenda and other infrastructure development programs, such as the preparations for the Bataan-Cavite Interlink Bridge Project and the Davao Public Transport Modernization Project.
ADB president Masatsugu Asakawa made the commitment to President Ferdinand Marcos Jr. during their meeting at the ADB headquarters in Mandaluyong City on Monday, according to Press Secretary Cheloy Velicaria-Garafil.
“This 2023 alone, we expect to provide up to US$4 billion to support the government’s Socio-Economic Agenda and the Build Better More infrastructure development program,” Masatsugu told Marcos.
Masatsugu also told Mr. Marcos that ADB is fully committed to helping the Philippines address climate change, saying “it will be a core priority of our assistance going forward.” Masatsugu said the ADB has increased its financing to the Philippines by a fourfold reaching a total of $12.7 billion between 2018 and 2022.
‘Reliable partner’
According to Garafil, ADB was the Philippines’ top source of active Official Development Assistance (ODA) among 20 development partners in 2022, accounting for 34 percent ($10.74 billion for 31 loans and 28 grants) of the $31.95 billion of the total active ODA.
Garafil said that from 2010 to 2022, ADB’s annual loan financing for the Philippines averaged at $1.4 billion.
The Palace official cited that three loans worth $1.10 billion were signed with the ADB within the first nine months of the Marcos administration.
In his speech at the ADB reception at the bank’s headquarters in Mandaluyong City on Monday, Marcos said the loans and grants from ADB would be “judiciously utilized.”
The president said the ADB has been “an essential part of all our development plans and they have been a robust and strong and reliable partner in the development of the Philippines.”