Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the Loan Signing Ceremony for the Davao Public Transport Modernization Project, 1 July 2023, Davao City, Philippines

Your Excellency President Ferdinand R. Marcos, Jr., members of the cabinet, Davao City officials, and distinguished guests: 
Let me start by saying how much of an honor it is to attend today’s loan signing for the Davao Public Transport Modernization Project. This is a groundbreaking project that will transform Davao City’s public transport. 
Modern public transport is the bedrock of urban development. With a fleet of about 1,100 buses, of which 40% will be electric, this project will support Davao City’s rapid economic growth with a low-carbon and climate-resilient bus system. 
Once complete, we expect the Davao Public Transport Modernization Project to serve as a showcase for improving road-based public transport across the Philippines, and elsewhere in Asia. 
ADB has a special partnership with the Philippines, our host country. This project, which is our largest ever road-based public transport project in the Philippines, exemplifies that partnership.
ADB is very pleased to support the Philippines on this groundbreaking initiative. I would like to congratulate Secretary Jaime Bautista and his entire team at the Department of Transportation, as well as Mayor Sebastian Duterte and his energetic team in Davao City, for their determination and leadership in bringing this transformative project to reality. 
Thank you.