Philippines and ADB
In the Spotlight
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.
In 2013, the Philippines reformed its basic education program, extending the pre-university education from 10 to 12 years, starting from Kindergarten to Senior High School – also called K to 12. The Asian Development Bank provided financial support to the K to 12 reform.
ADB approved a $408 million financing package to assist the government in rebuilding and rehabilitating the southern Philippine city of Marawi and help residents regain their livelihoods.
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
- Strengthening Human Resources and Leadership for Education
- Support for Human and Social Development in Southeast Asia
- Developing an Accountability Mechanism Framework for Financial Intermediaries
- AC Energy Green Bond Project
- Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls (Subproject B)
- Inclusive Finance Development Program (Subprogram 1)
- Facilitating Youth School-to-Work Transition Program (Subprogram 1)
- Local Government Finance and Fiscal Decentralization Reform Program, Subprogram 2
- Expanding Private Participation in Infrastructure Program, Subprogram 1
- Encouraging Investment through Capital Market Reforms Program (Subprogram 1)