ADB to give $4 billion in support of PH's socio-economic, infra programs
ADB to give $4 billion in support of PH's socio-economic, infra programs
ADB to give $4 billion in support of PH's socio-economic, infra programs
by DZRH News24 May 2023
Photo Courtesy: Presidential Communications Office Facebook

The Asian Development Bank (ADB) will give $4 billion to the Philippines this year to support the government's socioeconomic agendas and other infrastructure development plans.

ADB President Masatsugu Asakawa told this good news to President Ferdinand ‘Bongbong’ Marcos during the ADB reception in Mandaluyong City on Monday, according to the Presidential Communications Office (PCO).

“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,” Asakawa said as quoted by the PCO in a press release.

“This includes preparation of several transformative projects such as the Bataan-Cavite Interlink Bridge Project, the Davao Public Transport Modernization Project and the Integrated Floor Resilience and Adaptation Project,” he added.

Citing Asakawa, PCO said that ADB has “increased its financing to the Philippines by fourfold reaching a total of $12.7 billion between 2018 and 2022.”

It said that the ADB PResident has also emphasized the agency's special and longstanding cooperation with the Philippines, and mentioned the contribution of late former president Ferdinand Marcos in the establishment of ADB headquarters in Manila in 1966.

According to PCO, the ADB was the country' main provider in Official Development Assistance (ODA) in 2022 with $31.95 billion.

PCO said that ADB's annual loan assistance for the Philippines totaled $1.4 billion from 2010 to 2022.

It also stated three loans totaling $1.10 billion were signed within the Marcos Administration's first nine months.

The Asian Development Bank, founded in 1996, is dedicated to fostering prosperous, inclusive, resilient, and sustainable development in Asia and the Pacific while continuing its efforts to eradicate extreme poverty.

listen Live
DZRH News Live Streaming
Most Read