ADB to Lend a Record P168 Bln to the Philippines in 2020
The Asian Development Bank (ADB) has announced its plans to lend a “record high” of $3.3 billion (or P168.35 billion) to the Philippine government for the year of 2020. Approximately half of the loan will be allotted to the government’s Build, Build, Build infrastructure program.
The loan will support a number of projects, such as the South Commuter Railway, the EDSA Greenway Pedestrian Walkways, and the Angat Water Transmission Aqueduct 7, as well as projects that will support social protection, sustainable tourism, and capital market development.
ADB loaned $2.5 billion (P127.46 billion) to the Philippines in 2019, and $1.4 billion (P71.43 billion) in 2018.
The Malolos-Railway Project still holds the title of ADB’s largest project financing in the Asian and Pacific region, with financing reaching $2.75 billion (P140.39 billion). Construction is set to begin mid-2020.
ADB president Masatsugu Asakawa had his first courtesy visit with President Rodrigo Duterte on Monday, and thanked the president for the Philippines’ first-ever contribution to the Asian Development Fund, which focuses on ADB’s lower-income developing countries in Asia and the Pacific.
ADB headquarters is based in Ortigas, Metro Manila.