ADB makes fresh commitment of $400 million for Philippines
KUALA LUMPUR — Manila-based lender Asian Development Bank (ADB) has made a fresh commitment of $400 million in loan assistance for the Philippines.
Speaking at the 16th Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA) summit on Tuesday, ADB President Masato Kanda said, "Today, I am pleased to share that a $400-million loan for the Philippines is set for approval this year, to strengthen marine ecosystems and support the blue economy under its National Adaptation Plan."
He said the ADB has deployed $500 million for agricultural development through policy and regulatory reforms, enhanced public services and financial support, and protection of rural families.
According to Mindanao Development Authority chairman Secretary Leo Tereso Magno, ADB has been working with the Philippine government in pursuing the development in the country and the BIMP-EAGA region.
"Nandiyan kanina ang ADB, ang ADB tuloy-tuloy ang commitment (ADB was there. ADB's commitment has been continuous). ADB has been helping us, helped us craft BIMP-EAGA vision 2025 and has continued to work with the Mindanao Development Authority to craft and come up with a vision for 2035," Magno told reporters.
"They even committed that they will continue their assistance," Magno said.
Magno welcomed the assistance, noting that Mindanao would get bulk of the amount allocated for the Philippines.
"Halos lahat ng mga efforts na ibinibigay ng ADB na tulong sa BIMP-EAGA, sa Mindanao napupunta at sa Palawan," Magno said.
(Most of the efforts being provided by the ADB to BIMP-EAGA go to Mindanao and Palawan.)
Still, Magno said Philippine officials would still determine which projects will be covered by the fresh funding from the multilateral lender.
The Philippines serves as chairman of this year's BIMP-EAGA Summit. The last one was held in 2023 in Indonesia.
Launched in 1994, the BIMP-EAGA initiative boosts growth in trade, investments, and tourism through new intra-regional shipping routes and air links, as well as power interconnection projects.
Other key areas of cooperation include agribusiness, tourism, the environment, and socio-cultural education.
In a related development, President Ferdinand "Bongbong" Marcos Jr. on Tuesday urged for greater political will in the BIMP-EAGA at the sidelines of the 46th Association of Southeast Asian Nations (ASEAN) Summit and Related Summit.
The Philippines has affirmed a shared vision towards a prosperous BIMP-EAGA, according to Marcos.
"The path ahead calls for even greater synergy, innovation and political will. I am confident that through our cooperation, we can continue to transform these aspirations that we have held into lasting impacts for our people," Marcos said during the BIMP-EAGA Summit. — VDV, GMA Integrated News
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