Finance Secretary Ralph Recto said the Asian Development Bank's (ADB) country partnership strategy (CSP) developed for the Philippines is "tailor-fitted" to meet the nation's development goal and reflects the Bank's longstanding friendship and deep understanding of the nation's development needs.
"I thank the ADB, who has always been a true friend of the Philippines, for developing this well-tailored country partnership strategy with us. This reflects the Bank's commitment to the Philippines and is a testament to their deep understanding of our development needs to achieve our ultimate goal of lifting 8 million more Filipinos out of poverty by the end of President Marcos, Jr.'s term," Recto said.
"The Marcos, Jr. administration's priorities drove the ADB's development assistance agenda for the Philippines. It is perfectly aligned with the goals laid out in the Philippine Development Plan 2023 to 2028," he added.
ADB president Masatsugu Asakawa and President Ferdinand R. Marcos Jr. led the ceremonial turnover of the ADB's Philippines Country Partnership Strategy (CPS) for 2024 to 2029 on Sept. 12 at the Malacañang Palace.
The CPS defines the ADB's medium-term development strategy and operational program for the Philippines for 2024 to 2029.
The ADB Board approved it on Sept. 4, and it will be operationalized through the annual conduct of the Country Programming Mission.
The strategy aims to strengthen human development, boost economic competitiveness and quality infrastructure, sustain natural resources and ecosystems, and strengthen disaster resilience.
The CSP was developed through consultations with the National Economic and Development Authority (NEDA), the lead implementing agency, the Department of Finance (DOF), other government agencies, the private sector, and civil society.
To date, the ADB is the Philippines' second-largest source and the top multilateral development partner among 19 official development assistance (ODA) providers.
Data from the DOF showed that as of June 2024, ADB's total net commitment to the Philippines amounts to $8.84 billion, consisting of 26 ODA loans and 29 grants.
These include the Bataan-Cavite Interlink Bridge, the Malolos-Clark Railway Project, and the South Commuter Railway Project.
The ADB also supported the country through its Climate Change Action Program Subprogram 1, which made the Philippines a pioneer of its first-ever policy-based loan dedicated to climate action.
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