ADB launches new 6-year plan to help Philippines achieve resilient growth

MANILA, Sept. 5 (Xinhua) — The Asian Development Bank (ADB) announced the launch of a new six-year country partnership strategy designed to ensure the Philippines’ growth is sustainable, inclusive and resilient in the face of climate challenges.

The strategy, covering the period 2024-2029, will focus on meeting the country’s critical development needs and increasing support in three key areas: human development, economic competitiveness and quality infrastructure, as well as nature-based development and disaster resilience, the Manila-based bank said in a press release.

It was noted that cross-cutting initiatives promoting digital transformation, gender equality, improved governance and institutional capacity are an integral part of the strategy, ensuring a holistic approach to development.

“This new strategy will further advance an evolving partnership to support countries in achieving a prosperous future that leaves no one behind, especially as they face the twin challenges of accelerating economic growth and addressing persistent poverty and income inequality,” said Pavit Ramachandran, ADB Country Director for the Philippines.

To help the Philippines stay on its growth trajectory, under the new strategy, ADB will intensify support for initiatives that benefit low-income households, promote regional economic growth corridors through flagship infrastructure investments, and focus on emerging sectors such as clean energy, blue economy, and nature-based investments.

Under its new country partnership strategy, the Asian Development Bank said it will also accelerate private sector-led development by supporting policy and regulatory reforms, strengthening markets and investment channels, and expanding funding availability.