President Ferdinand "Bongbong" Marcos Jr. expressed hopes that the Asian Development Bank (ADB) would continue to support the Philippines in realizing its high-impact projects.
President Ferdinand 'Bongbong' Marcos Jr. and Asian Development Bank President Masatsugu Asakawa (Noel B. Pabalate)
Speaking at the reception given to him by the ADB on Monday, May 22, Marcos said the country will ramp up annual public infrastructure spending to 6 percent of gross domestic product (GDP) consistent with the build better more program.
"In keeping with our solid partnerships that we have had for decades, we will look to the ADB for crucial developmental intervention in these critical areas," he said.
"As the climate bank of the Asia and the Pacific, the ADB has proven its reliability in extending strategic financing and technical assistance for climate responsive projects. The Philippines stands to greatly benefit from these mutually beneficial relationship with the ADB," he added.
The President assured the ADB that the plans and projects financed by the ADB will be timely executed.
"We will ensure that the plans and projects are stringently (followed) and are timely executed. We will also ensure judicious utilization of the loans and other technical assistances that are provided to the country," he said.
According to Marcos, the country will also benefit from ADB through funding non-infrastructure projects such as development projects in agriculture, reskilling, and climate change-related initiatives.
The chief executive said one of the things that is in the pipeline and is currently being developed is the proposal of the Department of Social Welfare and Development (DSWD) for a food stamp program.
He also mentioned about the partnership between the ADB and the Technical Education and Skills Development Authority (TESDA) with the Civil Service on digitalization.
"So the ADB has given us so many opportunities, not only in these projects that we are discussing but we are given more so in what has been done since ADB was brought here to Manila and they have been an essential part of all our development plans and they have been a robust and strong and reliable partner in the Development of the Philippines," Marcos said.
President Ferdinand 'Bongbong' Marcos Jr. and Asian Development Bank President Masatsugu Asakawa (Noel B. Pabalate)
Marcos was welcome by ADB President Masatsugu Asakawa during a reception at ADB's headquarters in Mandaluyong City.
According to the ADB 2022 Annual Report, the Philippines received a total of US$2.99 billion in financial assistance last year, the fith largest amount among its member countries.
Established in 1966, the ADB is a regional development bank created to promote economic and social progress in Asia and the Pacific region by providing loans, technical assistance, grants and policy advice to its member countries. It currently has 68 member countries, including 49 from the Asia-Pacific region and 19 from outside the region.
Since joining the ADB in 1966, the Philippines has become one of the largest recipients of ADB assistance, receiving more than US$20 billion in loans, grants and technical assistance from the bank.
The bank's assistance to the Philippines has supported a wide range of development initiatives including infrastructure development, poverty reduction, education, health and disaster risk management, among others.