The Asian Development Bank (ADB) has assured the Philippine government of its support in tapping the country’s development potential.
ADB president Haruhiko Kuroda said: “We support your focus on infrastructure development using public private partnerships, social sector development, fiscal consolidation and governance reforms.”
To illustrate its commitment, ADB has extended a $400 million loan for a conditional cash transfer program to assist the country’s poorest households.
The bank has also shared know-how and experiences in developing public private partnerships with the government’s economic team.
Kuroda thanked the Philippines for its support in piloting electric tricycles and other projects which ADB plans to replicate in other member countries.
“With the environment becoming an increasing concern, I am also happy to note that we are also working closely with the Philippines in developing unique approaches to mitigating the impact of climate change,” he said.
ADB was established in Manila over 44 years ago and since then it has provided assistance of about $12 billion to the Philippines. The current portfolio includes robust private sector operations which have helped improve infrastructure and the financial sector.