MANILA: The Asian Development Bank (ADB) is finalizing the approval of a USD500-million financing support to the Philippines under the Climate Change Action Program (CCAP) Subprogram 2, the Department of Finance (DOF) said on Thursday.
In a statement, the DOF said ADB President Masatsugu Asakawa made the announcement during a high-level meeting on Aug. 28 at the ADB headquarters in Mandaluyong.
The DOF said the CCAP Subprogram 2 is part of the ADB’s USD10-billion climate finance commitment for the Philippines from 2024 and 2029, which was announced by Asakawa during the COP28 in Dubai in 2023.
The financing commitment aims to improve the climate resilience of local communities, ecosystems, and the national economy. It focuses on investments in public transport, clean energy, disaster risk management, and social protection.
The DOF said Asakawa also pledged to continue leveraging regional facilities, such as the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) and the
Green Climate Fund (GCF), to enhance the availability and accessibility of grant financing in the Philippines.
Asakawa also disclosed that the ADB’s new Country Partnership Strategy (CPS) for the Philippines for 2024 to 2029 will be reviewed for consideration by the ADB Board next week.
The CPS focuses on critical areas including human development, economic competitiveness, quality infrastructure, climate action, and private sector development.
Finance Secretary Ralph Recto, meanwhile, expressed gratitude to Asakawa for the bank’s support for the Philippines, noting that ADB is currently the country’s top multilateral partner and second-largest source of official development assistance (ODA) commitments.
Recto assured that the Philippine government has strong political will to ensure that ODA projects are implemented with maximum efficiency and effectiveness.
Source: Philippines News agency