PRESIDENT Ferdinand R. Marcos, Jr. on Thursday said his government is eyeing closer cooperation with the Asian Development Bank (ADB) on the country’s development projects amid the bank’s leadership transition.
“We fully intend to increase those (development) engagements and continue to make them stronger. Again, thank you for all the help,” he told outgoing Masatsugu Asakawa during a farewell call at the Malacañang.
Mr. Asakawa is set to be succeeded by Masato Kanda, who is Japan’s Finance minister and a special advisor to the Japanese prime minister.
Last year, the ADB said it would boost investments in human development, infrastructure and disaster resilience in the next six years to help the Philippines achieve inclusive growth.
Under its Country Partnership Strategy 2024-2029, the multilateral lender committed to leverage partnerships, increase co-financing and help tailor-fit solutions based on the country’s needs.
In 2023, the Philippines got $4.5 billion (P252.8 billion) in sovereign and non-sovereign assistance from the ADB, based on a September ADB report. From last year until 2029, the loans are expected to hit at least $24 billion.
“It was the support of ADB during the pandemic. That was critical,” Mr. Marcos said. “That was absolutely critical for our recovery. Without your help it would have been a much more difficult situation for us.” — John Victor D. Ordoñez
