PRESS RELEASE

Finance Secretary and Asian Development Bank (ADB) Governor for the Philippines Ralph G. Recto welcomed the launching of the ADB’s new country partnership strategy for the Philippines, which reflects its longstanding friendship and deep understanding of the country’s development needs.

“I thank the ADB, who has always been a true friend of the Philippines, for developing this very well-tailored country partnership strategy with us. This not only reflects the Bank’s commitment to the Philippines but is also a testament to their deep understanding of our development needs in order to achieve our ultimate goal of lifting 8 million more Filipinos out of poverty by the end of President Marcos, Jr.’s term,” he said.

“It was the Marcos, Jr. administration’s priorities that 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.

The ceremonial turnover of the ADB’s Philippines Country Partnership Strategy (CPS) for 2024 to 2029 was led by ADB President Masatsugu Asakawa and President Ferdinand R. Marcos, Jr. on September 12, 2024 at the Malacañan Palace.

The event was witnessed by Executive Secretary Lucas Bersamin, Secretary Recto, and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. 

The ADB CPS defines the Bank’s medium-term development strategy and operational program for the Philippines for the years 2024 to 2029.

It aims to steer the Philippines’ development path towards greater inclusion, climate resilience, and competitiveness, by: 1) strengthening human development; 2) boosting economic competitiveness and quality infrastructure; and 3) sustaining natural resources and ecosystems; and strengthening disaster resilience.

It was developed through rigorous consultations with the NEDA as the lead implementing agency as well as the Department of Finance (DOF), other government agencies, the private sector, and civil society. 

The CPS was approved by the ADB Board on September 4, 2024, and will be operationalized through the annual conduct of the Country Programming Mission.

“Thanks to the ADB, we are not just talking about progress––we are now on the path to achieving it. 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,” President Marcos, Jr. said.

“I want to reaffirm ADB’s strong commitment to supporting the Philippines’ economic and social transformation through our new Country Partnership Strategy. Building on our shared successes, I am confident that together we will achieve remarkable progress in this new chapter of our partnership,” ADB President Asakawa said.

To date, the ADB is the Philippines’ second largest source and the top multilateral development partner among 19 official development assistance (ODA) providers in the country.

As of June 2024, the Bank’s total net commitment to the Philippines amounts to USD 8.84 billion, consisting of 26 ODA loans and 29 grants.

These include the Bataan-Cavite Interlink Bridge (BCIB), which is set to be one of the world’s longest marine bridges.

Other large-scale infrastructure projects are the Malolos-Clark Railway Project (MCRP) and the South Commuter Railway Project (SCRP).

The Bank also supported the country through its Climate Change Action Program (CCAP) Subprogram 1, which made the Philippines a pioneer of its first-ever policy-based loan dedicated to climate action.

The ADB-supported projects were complemented by strong grant and technical assistance programs for the conduct of studies, project preparation, project implementation, and capacity-building activities.

Present during the CPS launching were Department of Budget and Management (DBM) Secretary Amenah Pangandaman, Department of Environment and Natural Resources (DENR) Secretary Ma. Antonia Yulo Loyzaga, Department of Public Works and Highways (DPWH) Secretary Manuel Bonoan, and Department of Education (DepEd) Secretary Sonny Angara.

Meanwhile, present from the ADB were Vice President Bhargav Dasgupta, Director General and Chief of the Sectors Group Ramesh Subramaniam, Southeast Asia Director General Winfried Wicklein, Private Sector Operations Department Director General Suzanne Gaboury, Head of the Office of Markets Development and Public-Private Partnership Fumiko Cleo Kawawaki, Philippines Country Office Country Director Pavit Ramachandran, and Principal Country Specialist Cristina Lozano.

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