ADB commits $400 million for development projects in Philippines

KUALA LUMPUR – The Asian Development Bank (ADB) yesterday committed to provide a $400-million loan to support the Philippines’ marine ecosystem and blue economy projects.

In a speech during the 16th Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit here, ADB President Masato Kanda said coastal resilience is needed to sustain fisheries and aquaculture, an important source of nutritious food.

“Today, I am pleased to share that a $400 million loan for the Philippines is set for approval this year, to strengthen marine ecosystems and support the blue economy under its National Adaptation Plan,” Kanda said.

President Marcos served as the chair of the BIMP-EAGA conference, one of the side events of the 46th Association of Southeast Asian Nations Summit.

Kanda cited the need to tackle food system vulnerabilities and to address the threat posed by climate change on food security and marine ecosystems.

According to Kanda, ADB is expanding its investment in food security to $40 billion through 2030.

“We are strengthening financing, policy guidance, project support, and capacity building,” the ADB chief said.

Kanda said the multilateral lender has deployed $500 million for agricultural development in the Philippines through policy and regulatory reforms, enhanced public services and financial support and protection of rural families.

The Manila-based lender is supporting Indonesia with a $500-million policy-based loan to reduce plastic marine debris and a $100 million investment project in shrimp aquaculture, he added.

Mindanao Development Authority chairman Leo Tereso Magno noted that the BIMP-EAGA’s goal is to narrow the development gap between countries. He added that Mindanao has benefited from the initiatives of the sub-region through a higher gross domestic product and infrastructure projects.

“We are now enjoying the highest level of peace and order in Mindanao. The development should follow. We are praying every day in Mindanao that development comes to our place,” Magno said.

Marcos highlighted the need for even greater synergy, innovation and political will in the sub-region.

“I am confident that through our cooperation we will continue to transform these aspirations that we have held into lasting impact for our peoples. Thank you, and I look forward to a productive summit,” the President said in his opening remarks.