Malacañang bared that the Asian Development Bank (ADB) will grant the Philippines up to $4 billion to support the country’s socio-economic agenda and other infrastructure development programs for 2023 alone.

President Ferdinand 'Bongbong' Marcos Jr. and Asian Development Bank President Masatsugu Asakawa (Photo by Noel Pabalate/MANILA BULLETIN)

According to Presidential Communications Office (PCO) Secretary Cheloy Garafil, ADB President Masatsugu Asakawa made the commitment during his meeting with President Ferdinand "Bongbong" Marcos Jr.  on Monday, May 22.

“This 2023 alone, we expect to provide up to $4 billion to support the government’s Socio-Economic Agenda and the Build Better More infrastructure development program,” Masatsugu told Marcos.

“This includes preparation of several transformative projects such as the Bataan-Cavite Interlink Bridge Project, the Davao Public Transport Modernization Project, and the Integrated Floor Resilience and Adaptation Project,” he added.

This was also confirmed by Marcos when he spoke to reporters after the reception hosted by ADB on Monday.

Masatsugu said ADB has increased its financing to the Philippines by fourfold reaching a total of $12.7 billion between 2018 and 2022.

He also said that the ADB is fully committed to helping the Philippines address climate change, saying “it will be a core priority of our assistance going forward,” given the Philippines’ vulnerability to the impacts of climate change due to its exposure to severe weather events.

Marcos has expressed gratitude to the ADB, ensuring that the ADB-supported projects will be timely executed.

"Our goal remains clear: to transform our economy into one characterized by sustainability, climate resilience, responsiveness, and inclusivity," Marcos said.

"We thank the ADB for being a steadfast partner in our journey, and we anticipate our continued collaboration for the prosperity and resilience of our communities," he added.

The ADB has also provided close to $3 million for the pilot testing of the national food stamp program, which will be piloting this year under the Department of Social Welfare and Development (DSWD).