Philippines seeks stronger funding commitment from ADB

SAMARKAND, Uzbekistan – The Philippines is calling for stronger support from the Asian Development Bank (ADB) for climate, infrastructure and digital transformation initiatives as it emphasized the importance of collaboration in addressing global shocks and strengthening resilience.

Speaking at the Governor’s Business Session during the ADB’s Annual Meeting, Finance Undersecretary Joven Balbosa, who represented the Philippines, said that recent geopolitical shocks have exposed the vulnerabilities of supply chains and fragility of economies, highlighting the importance of deeper collaboration.

“We call on the bank to further deepen its commitment to our development agenda and to address global challenges, such as ensuring the availability of climate financing and expanding blended financing for infrastructure, digitalization and human capital initiatives,” Balbosa said.

While the Philippines continues to make steady progress in its goals, he said that the country remains vulnerable to external shocks.

The Middle East conflict, in particular, has led to energy market fluctuations and disrupted supply chains that continue to drive up domestic prices.

Against this backdrop, Balbosa said the Philippines has to strike a balance as it responds to present challenges and invests in public services and infrastructure.

“We urgently require sustained support from our development partners for a comprehensive response to these challenges that disproportionately affect emerging markets and developing economies,” Balbosa said.

As the Philippines responds to challenges today, he said the country also continues to pursue reforms to modernize its investment climate, improve the ease of doing business and promote regional cooperation.

Among the Philippines’ priorities is to bridge the digital divide and leverage digital innovation to drive growth amid a rapidly evolving global landscape.

In line with this goal, the government has enacted the E-Governance Act and launched 25 e-government platforms to address bureaucratic inefficiencies, redundant processes and accessibility gaps.

To promote digital innovation, the government also crafted the National Artificial Intelligence Strategy Roadmap, which aims to expand data infrastructure and cloud capacity and upskill the workforce for new technologies.

To improve the investment environment, reforms put in place include the CREATE MORE Act, which offers a more globally competitive and predictable tax incentive regime.

Balbosa said the Philippines also continues to push for urgent and sustained climate action through programs aimed at increasing access to clean energy.

As the Philippines pursues reforms, he said the aim goes beyond withstanding shocks, but also focuses on building long-term resilience.

“The complexity of today’s challenges reminds us that no nation can act in isolation. With this, the Philippines remains committed to working closely with ADB to strengthen resilience, adapt to emerging technologies and ensure that investments are sustainable and future-ready,” he said.