Phl, ADB agree on new Country Partnership Strategy worth $3.8B

MANILA, Philippines - The Philippines and the Asian Development Bank (ADB) have agreed on a new Country Partnership Strategy (CPS) for 2011 to 2016 amounting to $3.8 billion, aimed at improving governance reforms poverty reduction efforts.

In a press briefing yesterday, top officials of the ADB and government officials led by Socioeconomic Planning Secretary Cayetano Paderanga Jr. said the new strategy will focus on strengthening the investment environment to attract more private funding for infrastructure development and job creation.

“This new partnership strategy builds on the Philippines’ vision of inclusive growth, where no one is left behind,” he said.

The ADB, a Manila-based lender, for its part, said the new strategy aims to better ensure that all Filipinos, especially the country’s poor, are able to share in the benefits of the country’s economic growth.

The Philippines has grown at a slower pace than other developing economies in the region over the past 40 years, blamed partly on weak investment climate, low spending in social sectors, corruption, red tape and poor governance.

During yesterday’s briefing, officials said a significant share of assistance will be targeted at addressing policy, institutional and investment obstacles in key sectors such as education, energy and transport.

“Support to policy reforms and capacity development will be given to help carry out governance reforms from the country level down to individual projects,” the NEDA and ADB said in a separate statement.

Furthermore, the five-year partnership will also aim to improve the delivery of social services and help the Philippines address environmental issues, including climate change.

As such, there will be programs to “improve environmental infrastructure such as waste management, increased efficiency and sustainable management of water resources and coastal areas.”