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Manila Bulletin devider Business devider DOF vows to solve issues impacting ADB-funded projects

DOF vows to solve issues impacting ADB-funded projects

Published Sep 7, 2024 09:22 am

The Department of Finance (DOF) vowed to tackle systemic issues impacting the implementation of projects funded by the Asian Development Bank (ADB).

This was after the ADB’s 2024 Philippine Portfolio Review evaluated the performance of the Department of Public Works and Highways (DPWH) and Department of Treasury (DOTr) projects.

The review identified systemic issues impacting project performance, including right-of-way and budget challenges.

“Project delayed is development denied,” the DOF said, committing “to work closely with concerned government agencies and the ADB to propose policy actions that will expedite the delivery of these critical transportation projects.”

Listed projects include the Integrated Flood Resilience and Adaptation Project (INFRA-1), Improving Growth Corridors in Mindanao Road Sector Project (IGCMRP), and the Malolos-Clark Railway Project (MCRP).

In response, ADB Director General for Southeast Asia Winfried Wicklein affirmed his support for the Philippine government and pledged to facilitate the exchange of best practices between international and Philippine development efforts.

Last week, the ADB announced plans to provide the Philippines with $24 billion in loans between 2024 and 2029 to help accelerate economic growth and build resilience against climate change.

The ADB's Country Partnership Strategy (CPS) for the Philippines outlined the key areas of focus for the upcoming six years. These include human development, economic competitiveness, infrastructure, and disaster resilience.

The bank will also prioritize supporting low-income households, promoting regional economic growth, and investing in emerging sectors like clean energy, blue economy, and nature-based solutions.

ADB Country Director for the Philippines, Pavit Ramachandran, emphasized the bank's commitment to supporting the government's development goals.

"Our support includes project preparation and feasibility studies for the government’s big-ticket investments under the Infrastructure Preparation and Innovation Facility as well as transaction advisory services for PPP (Public-Private Partnership) projects," he said.

The CPS aims to catalyze private sector-led development through policy reforms, market strengthening, and increased investment opportunities. By addressing economic growth and poverty inequalities, the ADB seeks to ensure that the benefits of development reach all Filipinos. (Derco Rosal)

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Department of Finance (DOF) Asian Development Bank (ADB) ralph recto Finance Secretary
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