The financing is in line with the ADB's new country partnership strategy (CPS) for the Philippines, which charts a transformative path for inclusive and resilient growth over the next six years.
This strategy, which covers 2024 to 2029, aims to ensure that economic growth is sustainable, equitable, and resilient, particularly in light of climate challenges.
The CPS focuses on three critical areas: human development, economic competitiveness through quality infrastructure, and nature-based development to enhance disaster resilience.
Additionally, crosscutting initiatives such as digital transformation, gender equality, and improved governance are woven into the strategy, providing a comprehensive framework for progress.
"ADB’s partnership with the Philippines is stronger than ever. This new strategy will advance our collaboration to support the country in achieving a prosperous future, particularly as it tackles the dual challenges of accelerating economic growth and addressing income inequality,” said Pavit Ramachandran, ADB Country Director for the Philippines.
The Philippines, one of the fastest-growing economies in Asia with an average annual GDP growth of 6.3 percent from 2021 to 2023, continues to attract foreign investments.
With a dynamic services sector, a robust investment grade rating, and increasing public investments, the country is well-positioned for sustained growth.
Under the new strategy, ADB will intensify its focus on initiatives that benefit low-income households, promote regional growth corridors, and invest in emerging sectors such as clean energy, the blue economy, and nature-based projects.
The CPS is aligned with the Philippine government’s development agenda, reinforcing reforms in private sector development, public investment, and social inclusion, ensuring that the country remains on its path toward inclusive and resilient growth.
