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ADB lending $3.3 billion to Philippines in 2020

MANILA, Philippines – The Asian Development Bank (ADB) is planning to lend the Philippines a record-high $3.3 billion in 2020, with about half of the amount to be used to support the government's infrastructure program.

The ADB said on Monday, February 24, that the amount will likely be used for priority projects like the South Commuter Railway, EDSA Greenways or pedestrian walkways, and a new aqueduct for the Angat Dam.

Soft projects involving social protection, sustainable tourism, and capital market development are also programmed to be supported by the loans.

The government plans to roll out 100 big-ticket projects worth over P4.3 trillion during President Rodrigo Duterte's term. (READ: LIST: Duterte's revised lineup of Build, Build, Build projects)

Development

New ADB president Masatsugu Asakawa met Duterte on Monday, where he thanked the President for the country's first ever contribution to the Asian Development Fund. The fund provides grants to the ADB's lower-income developing member countries in Asia and the Pacific to reduce poverty and improve people's quality of life.

"ADB is committed to supporting the government's effort to reduce poverty and create high-quality jobs for Filipinos by building a competitive economy and caring society," Asakawa said.

Asakawa also met Finance Secretary Carlos Dominguez III, and pledged support for the economic development of the Bangsamoro Autonomous Region in Muslim Mindanao. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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