Recto: ADB's new country strategy to support PH dev't goals

The Asian Development Bank (ADB) has launched a new Country Partnership Strategy (CPS) for the Philippines, designed to address the nation’s development needs and lift millions of Filipinos out of poverty. Finance Secretary Ralph Recto praised the strategy, highlighting ADB’s long-standing commitment and deep understanding of the Philippines’ unique challenges.

“I thank the ADB, who has always been a true friend of the Philippines, for developing this well-tailored country partnership strategy with us. It reflects not only the Bank’s commitment but also their understanding of our needs in achieving our goal of lifting 8 million more Filipinos out of poverty by the end of President Marcos Jr.’s term,” Recto said in a statement.

The ceremonial turnover of the CPS for 2024 to 2029 was led by ADB President Masatsugu Asakawa and President Ferdinand Marcos Jr. at Malacañang Palace on September 12, 2024. Approved by the ADB Board on September 4, the strategy aligns with the priorities set out in the Philippine Development Plan 2023-2028.

The CPS aims to address key development areas such as human development, economic competitiveness, quality infrastructure, natural resource sustainability, and disaster resilience. It will be implemented through the annual Country Programming Mission, developed in close collaboration with government agencies, the private sector, and civil society.

With a total net commitment of USD 8.84 billion as of June 2024, ADB remains the Philippines’ second-largest source of official development assistance, supporting major projects like the Bataan-Cavite Interlink Bridge and the Malolos-Clark Railway Project. The ADB also backed the Philippines’ Climate Change Action Program, positioning the country as a leader in climate policy-based loans.