Philippines and ADB
In the Spotlight
Philippine Finance Secretary Mr. Carlos Dominguez III and ADB Vice-President Mr. Ahmed M. Saeed today signed a $1.3 billion loan, the first tranche of a total $2.75 billion facility, for the Malolos–Clark Railway Project in a ceremony witnessed by Philippine President Mr. Rodrigo Duterte at the Malacañan Palace.
Asia badly needs infrastructure, but for cash-strapped governments the key is teaming up with businesses, says an ADB publication that examines the best way of sharing risk and proposes optimal ways of financing such deals.
The Philippines’ economic growth is likely to quicken this year as strong domestic investment and consumption are expected to offset slowing demand from advanced economies and possible farm losses due to the dry spell brought about by the El Niño weather phenomenon. In a new report, ADB projects Philippine gross domestic product (GDP) growth at 6.4% in 2019 and 2020, up from 6.2% in 2018.
ADB has invested $20 million in a Philippine energy company’s maiden climate bond issuance. The landmark public listing of AC Energy’s bond will be the first Climate Bond Initiative certified US dollar climate bond in Southeast Asia listed on the Singapore Stock Exchange.
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 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 country operations business plan, 2019–2021 is aligned with ADB's country partnership strategy, 2018–2023 for the Philippines.
The Philippines is part of the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA).
Projects in the Philippines
- Deepening Civil Society Engagement for Development Effectiveness–Deepening Civil Society Engagement in ADB Operations (Subproject 3)
- Southeast Asia Public Management, Financial Sector, and Trade Policy Facility
- Malolos-Clark Railway Project (PFR 1)
- Secondary Education Support Program
- Malolos-Clark Railway Project
- Inclusive Finance Development Program (Subprogram 1)
- Expanding Private Participation in Infrastructure Program, Subprogram 2
- Facilitating Youth School-to-Work Transition Program (Subprogram 1)
- Local Government Finance and Fiscal Decentralization Reform Program, Subprogram 2
- Asian Development Outlook 2016-2018 - Asian Development Outlook 2017 (Subproject 2)