MANILA, Philippines - The Asian Development Bank (ADB) has increased its funding for the Philippines in support of infrastructure, job creation and economic development.
The Department of Finance said the ADB hiked its sovereign lending to the country to $3 billion for 2016 until 2018, up from the current $1.8 billion funding for 2015 to 2017.
“ADB will continue to support infrastructure needs; programs to strengthen senior high school education, job creation for youth, and social protection; deeper capital markets; improved access to finance; and development in southern Philippines including Mindanao,” ADB president Takehiko Nakao said.
“We are pleased to see the recent progress made by the government in its public-private partnership (PPP) program and will continue to support its implementation,” he added.
Nakao met with Finance Secretary Cesar Purisima yesterday to discuss the multilateral bank’s increased funding for the Philippines.
The ADB had forecast the Philippine economy to grow 6.4 percent this year and 6.3 percent in 2016. Nakao said the country should take advantage of its young population to increase opportunities for growth especially in the business process outsourcing, tourism, and agri-business sectors.
At the same time, the ADB has planned a capital reform program for the development of the local bond market, the promotion of long-term savings, and improvement in treasury operations. A financial inclusion program is also being readied by the bank to allow poor households access to financial services.
The multilateral agency also stressed its support for disaster risk financing, and its commitment to developing Mindanao and the Bangsamoro areas.
“The Philippines welcomes the hand extended in partnership with an unequivocal vow to press on. Filipinos have seen what we can achieve with good governance and are ready to dream of bigger things,” Purisima said.
“Our country has more than proven its mettle throughout the past five years writing a comeback story of growth and better governance. Deepening support from ADB in sustaining these reforms is critical–we need quality education and infrastructure to fuel further inclusive growth,” he added.