Philippines and ADB
In the Spotlight
Two years after Typhoon Haiyan hit the central Philippines, out-of-school youth supported by ADB are training for a lifetime of opportunities, building their lives not just back, but better.
While economic expansion in the Philippines has exceeded 6% in the past 2 years, it has not generated enough jobs to reduce poverty. The challenge is to translate solid economic growth into poverty reduction by generating more and better jobs.
The Philippines will see a mild pullback in growth in 2015 before the economy bounces back in 2016 on a pickup in government spending and a likely bounce back in exports, says a new ADB report.
Since its creation in 1966, ADB has been one of the key development partners of the Philippines. From 1969 to 2010, ADB approved loans amounting to $12.4 billion for the Philippines, of which almost 80% financed projects in agriculture and natural resources, energy, finance, public sector management, and transport and information and communication technology.
The Philippines is among the fastest-growing economies in Southeast Asia, with upgrades to sovereign investment ratings confirming improvements in the country’s macroeconomic fundamentals. The Government of the Philippines has defined its development objectives as driving rapid but inclusive economic growth, accelerating employment on a massive scale, and reducing poverty.
Since 1966, ADB has been a strong partner in the development of the Philippines, its host country. The ADB country partnership strategy, 2011-2016 for the Philippines focuses on improving the investment climate, more effectively delivering social services, and minimizing disaster risks. Weight is also given to strengthening governance, and developing infrastructure through public channels, as well as building on the successes of the government’s public-private partnerships.
Projects in the Philippines
- Climate Resilience and Green Growth in the Upper Marikina River Basin Protected Landscape - Demonstrating the Eco-town Framework
- Support to Local Government Revenue Generation and Land Administration Reforms
- Enhancing Access to Quality Early Childhood Education Services for Children in Poor Communities (formerly Early Childhood Development Project)
- Supporting Capacity Development for the Bureau of Internal Revenue (BIR)
- Angat Water Transmission Improvement Project