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Recto: ADB's new strategy to help reduce poverty

Business

Recto: ADB's new strategy to help reduce poverty

By Manila Bulletin

The Asian Development Bank's (ADB) new Country Partnership Strategy (CPS) to help support the Philippines in its goal to lift an additional eight million Filipinos out of poverty by the end of President Marcos Jr.'s term, the Department of Finance (DOF) said.

“It was the Marcos, Jr. administration’s priorities that drove the ADB’s development assistance agenda for the Philippines. It is perfectly aligned with the goals laid out in the Philippine Development Plan 2023 to 2028,” Finance Secretary and ADB’s Governor Ralph Recto said during the ceremonial turnover of the CPS.

The ADB's 2024-2029 CPS focuses on enhancing inclusion, climate resilience, and competitiveness in the Philippines through development and sustainability efforts.

Approved on Sept. 4, it was developed in consultation with National Economic and Development Authority (NEDA), DOF, other agencies, the private sector, and civil society, and will be implemented through annual programming missions.

“Thanks to the ADB, we are not just talking about progress—we are now on the path to achieving it,” President Marcos said.

Meanwhile, the ADB President Asakawa reaffirmed the Bank's commitment to the Philippines' economic and social progress through the new CPS.

To date, the ADB is the Philippines' second-largest source of aid and top multilateral partner, with a total commitment of $8.84 billion in loans and grants.

Key ADB-supported projects in the Philippines include the Bataan-Cavite Interlink Bridge, major railway projects, and a pioneering climate action loan.

According to DOF, these projects were enhanced by robust grant and technical assistance programs for studies, project preparation, implementation, and capacity-building efforts. (Derco Rosal)

Related Tags

Department of Finance (DOF) ralph recto Finance Secretary

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