The Asian Development Bank (ADB) has announced plans to provide USD4.98 billion in loans to the Philippines in 2024, aimed at supporting the country’s economic growth and development. This funding is part of the ADB’s new Country Partnership Strategy (CPS) for 2024-2029, which is expected to be approved in August 2024.
The strategy prioritises strengthening human development, enhancing economic competitiveness and infrastructure quality, and promoting nature-based development and disaster resilience. These efforts align with the Philippines’ Development Plan 2023-2028, which seeks to reduce poverty and create more jobs.