ADB to lend $9.4 billion to Philippines through 2023

Lending by the Asian Development Bank to the Philippines will reach around 9.4 billion dollars between 2021 and 2023, with the bulk going into infrastructure, health and employment recovery projects.

The ADB said the Philippines Country Operations Business Plan 2021-2023 supports programs and policies focused on the acceleration of economic recovery, as well as repairing the damage inflicted by the pandemic to business and the labor market.

The bank’s infrastructure-heavy lending pipeline for the next three years will see over 52 percent of the lending go to the construction of railways, roads and bridges.

About 12 percent of the financing will help the government expand public health through the implementation of the Universal Health Care Act.

Assistance for vaccine procurement is not yet included as the bank has just launched the nine-billion-dollar Asia Pacific Vaccine Access Facility for developing member countries.

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