The Asian Development Bank plans to extend $24 billion in loans to the Philippines between 2024 and 2029 under a new country partnership strategy (CPS) that sets a transformative agenda for the next six years.
“Last year we provided $4.5 billion in both sovereign and non-sovereign assistance, and we expect to sustain a similar level of annual financial support during the new CPS,” ADB country director for the Philippines Pavit Ramachandran said in a statement.
The strategy, spanning from 2024 to 2029, will focus on addressing critical development needs and bolstering support in three key areas: human development, economic competitiveness and quality infrastructure, and nature-based development and disaster resilience.
Crosscutting initiatives that promote digital transformation, gender equality, and improved governance and institutional capacity are integral to the strategy, ensuring a holistic approach to development.
“ADB’s partnership with the Philippines is at its strongest. This new strategy will further a flourishing collaboration to support the country in achieving a prosperous future that leaves no one behind, particularly as it faces the dual challenges of accelerating economic growth and addressing persistent poverty and income inequalities,” Ramachandran said.
“We are leveraging our full suite of support modalities—financial and nonfinancial—to deliver transformative impact, ensuring that the benefits of growth reach all Filipinos, particularly the most vulnerable,” he said.
One of the fastest-growing economies in the region with an average annual gross domestic product growth of 6.3 percent from 2021 to 2023, the Philippines is attracting more foreign direct investments with its robust investment grade rating, dynamic services sector, and higher public investment.
To help the Philippines remain on its growth trajectory, the ADB said it would intensify support for initiatives that benefit low-income households, promote regional economic growth corridors through flagship infrastructure investments, and shift focus to emerging sectors like clean energy, blue economy, and nature-based investments.
The CPS closely aligns with the Philippines’ development goals, reinforcing the government’s reform momentum in areas such as private sector development, public investment, and social inclusion.
The ADB said it aims to co-create tailored solutions to tackle the most pressing challenges, from infrastructure deficits to climate change, and unlock new opportunities for growth and development.
The ADB said it would work to embed climate actions across its engagements and investment plans in the country. Under the new CPS, ADB will also catalyze private sector-led development by supporting policy and regulatory reforms, strengthening of markets and investment pipelines, and expanding funding availability.
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