ADB funding for Philippines reaches $6B in 2024
AFP FILE PHOTO
MANILA, Philippines — The Philippines bagged a total of $6 billion in financing and co-financing packages from Manila-based Asian Development Bank (ADB) last year, the second largest among its member nations, in a bid to help its host country tackle a range of complex development challenges.
In its annual report released on Thursday, the ADB said it had extended $2.4 billion in loans, grants and other forms of financing to the Philippines in 2024—a year marked by disruptions from strong typhoons that prevented the local economy from achieving a growth rate of at least 6 percent.
Cofinancing deals
The country also received $3.6 billion in cofinancing from the ADB, which collaborated with other funders in bankrolling projects and programs in the country.
Overall, the $6-billion financing and cofinancing that the Philippines got from ADB was the second largest among the bank’s members. India got the largest share of total funding after receiving $7.3 billion from ADB.
Zooming out, ADB deployed $39.2 billion across Asia and the Pacific to help developing member countries make progress toward sustainable, inclusive and resilient development.
‘Sharper focus’
“With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,” ADB president Masato Kanda said.
“We are financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health and social protection,” Kanda added.
Broken down, ADB lent $2.2 billion to the Philippine government last year to bankroll four undertakings: the Laguna Lakeshore Road Network, Climate Change Action Program, Project Development and Monitoring Facility, and Public Financial Management Reform Program.
Nonsovereign financing to the Philippines amounted to $162.1 million, which went to six private sector-led programs and projects.
The country also received $12.6 million under the ADB’s trade and supply chain finance program and microfinance program.
This year, the ADB said it has about $4 billion in total program and project loans for the Philippines.
