The Asian Development Bank (ADB) has launched its new country partnership strategy (CPS) with the Philippines, with the sovereign lending for the six-year period expected to amount to $24 billion.
In a statement, the multilateral agency said the strategy, spanning from 2024 to 2029, will focus on addressing critical development requirements and bolstering support on three areas: human development, economic competitiveness and quality infrastructure as well as nature-based development and disaster resilience.
According to the CPS, the Philippines qualifies solely for ADB’s regular market based ordinary capital resources (OCR) lending. Sovereign lending for 2024 to 2029 is estimated to total to $24 billion.
The agency said there is also potential for lending to move above this level, given substantial government demand and premised on increased OCR availability.
“Last year, we provided $4.5 billion in both sovereign and non-sovereign assistance, and we expect to sustain a similar level of annual financial support during the new CPS,” ADB country director for the Philippines Pavit Ramachandran said in a statement.
“This is an indicative amount which is subject to annual review with the government. Our support includes project preparation and feasibility studies for the government’s big-ticket investments under the Infrastructure Preparation and Innovation Facility as well as transaction advisory services for public-partnership projects,” he added.
Crosscutting initiatives that promote digital transformation, gender equality and improved governance and institutional capacity are likewise integral to the strategy, the bank said.
“ADB’s partnership with the Philippines is at its strongest. This new strategy will further a flourishing collaboration to support the country in achieving a prosperous future that leaves no one behind, particularly as it faces the dual challenges of accelerating economic growth and addressing persistent poverty and income inequalities,” Ramachandran said.
“We are leveraging our full suite of support modalities–financial and nonfinancial–to deliver transformative impact, ensuring that the benefits of growth reach all Filipinos, particularly the most vulnerable,” he added.
To help the Philippines remain on its growth trajectory, ADB said it will intensify support for initiatives that benefit low-income households, promote regional economic growth corridors through flagship infrastructure investments and shift focus to emerging sectors like clean energy, blue economy and nature-based investments.
The new CPS also closely aligns with the Philippines’ development goals, reinforcing the government’s reform momentum in areas such as private sector development, public investment and social inclusion.
ADB said it will work to embed climate actions across its engagements and investment plans in the country.
Under the new CPS, ADB will catalyze private sector-led development by supporting policy and regulatory reforms, strengthening of markets and investment pipelines and expanding funding availability.
“Infrastructure gaps have unfortunately meant that not everyone has equal access to the Philippines’ strong growth, especially for its most vulnerable. The new CPS recognizes these challenges and will continue to prioritize support for climate-resilient infrastructure as a way to help increase access to jobs, markets, schools and public services and drive inclusive growth,” Ramachandran said.
