The Philippines received the second-biggest amount of loans and grants from the Manila-based Asian Development Bank (ADB) and its co-financing partners last year, mainly to bankroll big-ticket infrastructure projects.
The ADB's Annual Report 2024, published on Thursday, April 24, showed that financing commitments for the multilateral lender's host country last year totaled $2.368 billion, or about ₱133.8 billion—exceeded only by India's $4.994 billion, the largest among all member countries. Technical assistance for the Philippines in 2024 was worth $11.8 million, or approximately ₱667.3 million.
Including co-financing with other bilateral and multilateral agencies worth $3.639 billion (about ₱205.8 billion), ADB-related financing for Philippine programs and projects last year reached $6.019 billion, or around ₱339.9 billion, which was also surpassed by India's $7.262 billion.
In all, the ADB extended a total of $24.3 billion in financing from its own resources in 2024. Its co-financing partners added $14.9 billion to the ADB's commitments, bringing overall financial assistance to $39.2 billion.
The ADB's financing took the form of concessional loans, grants, equity investments, guarantees, and technical assistance, extended to both governments and the private sector.
"With our increased financial firepower and a sharper strategic focus, the ADB is turning commitment into concrete results. We are financing more affordable and efficient energy and transport systems, supporting a vibrant private sector that creates better-quality jobs, and strengthening basic services in education, health, and social protection. Together with our partners, we are building a brighter future for the next generation in Asia and the Pacific," ADB President Masato Kanda said.
In the case of the Philippines, for instance, the ADB last year "successfully mobilized $2.1 billion for a PPP [public-private partnership project] that will expand and modernize Ninoy Aquino International Airport (NAIA)," the report noted.
The ADB "also initiated advisory services for a further 19 PPPs during the year," it added.
Also, the report cited that the ADB in 2024 committed $1.19 billion "to facilitate the construction of nearly 30 kilometers (km) of climate- and disaster-resilient expressway, including bridges and viaducts over waterways flowing into Laguna Lake southeast of Manila," referring to the Laguna Lakeshore Road Network (LLRN) project.
"The new expressway will enhance emergency access to areas vulnerable to frequent flooding and other disasters, enabling more effective rescue operations, reconstruction, and recovery following such events. Benefiting about 3.47 million residents, the expressway will also improve access to markets and public services and reduce peak-hour travel time between Taguig City in Metro Manila and Calamba City by 25 percent. The new infrastructure is expected to avoid more than 245,000 tons of greenhouse gas (GHG) emissions annually," it said.
The ADB is also helping finance the Philippines' efforts to mitigate climate change. "With the goal of reducing the country's vulnerability to climate change and avoiding the damaging impacts of disasters, the ADB provided a $474.6-million policy-based loan in 2024 to help the government of the Philippines strengthen its climate action through policy reforms.
"This support will finance the deployment of climate technologies and mobilize investments in renewable energy (RE), energy efficiency, climate-resilient agriculture, and nature-based solutions," the ADB noted.
According to the ADB, "public spending on large infrastructure projects spurred growth in Indonesia, Malaysia, and the Philippines."
The ADB has earmarked as much as $24 billion in financing for the Philippines under its latest country partnership strategy (CPS), covering the years 2024 to 2029.
"The Philippines' strategy prioritizes human development, economic competitiveness, quality infrastructure, and disaster resilience," it noted.