The multi-year funding commitment of the Asian Development Bank (ADB) for the Philippines manifests the financial institution’s vote of confidence in the country’s growth potential that the government must seize, President Ferdinand R. Marcos Jr. said on Thursday.
“So, as we mark today’s event, let us remember that the ADB’s commitment of over twelve billion dollars for the next three years is a precious vote of confidence in our shared vision for a brighter and better Bagong Pilipinas,” President Marcos said during the launching and ceremonial turnover of the Asian Development Bank Philippines Country Partnership Strategy (CPS) 2024-2029 in Malacañang.
“The task before us is clear. We must turn this generous backing into meaningful outcomes—better social services, improved infrastructure, and a more resilient economy. With this partnership, we have a unique opportunity to redefine what is possible and set a new standard for excellence and inclusivity,” he said.
The President rallied the nation to move forward with unwavering resolve, not just to meet expectations but to surpass them and to set new benchmarks for success.
The new CPS for 2024-2029 is about turning lofty goals into tangible improvements in the daily life of Filipinos, the President said, citing the Bataan-Cavite Interlink Bridge, renewable energy and climate solutions, as well as private sector support for innovation.
The ADB’s commitment to low-carbon transport, renewable energy, and resilient coastal development is about crafting a legacy of sustainability and resilience, the President pointed out, adding initiatives like the Integrated Flood Resilience and Adaptation Project represent a profound shift towards meaningful impact.
President Marcos expressed gratitude to the ADB for its continued support, noting the Philippines is on the path toward achieving its development agenda.
“Your contributions have turned hope into reality and made a profound difference in countless lives here in the Philippines. For that, we are very grateful,” he said.
Approved by the ADB Board of Directors last September 4, the ADB Philippines CPS 2024-2029 embodies the multilateral institution’s strategic blueprint in support of the Philippines’ development agenda for the next six years.
It has three strategic priorities: strengthening human development; boosting economic competitiveness and quality infrastructure; and scaling up nature-based development and disaster resilience.
The new country strategy, titled “Building Strong Foundations for a Prosperous, Inclusive, and
Climate-Resilient Future,” aims to achieve sustained, inclusive growth above six percent annually by building strong foundations for a prosperous and resilient future while advancing digital transformation, governance, and gender equality.
The ADB’s proposed lending program for 2024-2027 is composed of 28 new programs and project loans amounting to US$12.4 billion, averaging US$4.13 billion per year. PND
