Philippines 2nd biggest ADB recipient

Secures $6.02 billion financial assistance in 2024

MANILA, Philippines —  The Philippines received the second biggest amount of financial assistance from the Asian Development Bank (ADB) last year, securing $6.02 billion.

ADB’s Annual Report for 2024 released yesterday showed that the financial assistance received by the Philippines from the multilateral lender placed the country second to India, which topped the list of recipients as it secured $7.26 billion.

Completing the top five recipients of ADB assistance last year are Indonesia with $3.28 billion, Bangladesh with $3.21 billion and Pakistan with $2.99 billion.

Of the total amount secured by the Philippines from the ADB last year, $2.37 billion came from the multilateral lender’s ordinary capital resources.

The Philippines also received $3.64 billion worth of assistance through ADB co-financing with partners for projects.

Of ADB loans that were approved for the Philippines last year, $1.19 billion was allocated for the Laguna Lakeshore Road Network Tranche 1.

Also approved last year were loans amounting to $500 million for the Public Financial Management Reform Program (Subprogram 1), $474.6 million for the Climate Change Action Program (Subprogram 2) and $30 million for the Project Development and Monitoring Facility.

Last year, the ADB deployed nearly $40 billion worth of assistance to help Asia-Pacific address development challenges.

Of this amount, $24.3 billion came from the ADB’s own resources.

Meanwhile, $14.9 billion worth of co-financing was provided in collaboration with ADB’s partners.

“With our increased financial firepower and a sharper strategic focus, ADB is turning commitment into concrete results,” ADB president Masato Kanda said.

“We are financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs and strengthening basic services in education, health and social protection. Together with our partners, we are building a brighter future for the next generation in Asia and the Pacific,” he also said.