The Asian Development Bank has committed 3.3 billion dollars in loans to the Philippines this year to support the Duterte administration’s ambitious “Build, Build, Build” program.
New ADB president Masatsugu Asakawa met with President Duterte for the first time on Monday afternoon at the Department of Finance building. He congratulated the government for its success in bringing down the poverty rate to 16.6 percent in 2018 from 23.3 percent in 2015. By 2022, the government aims to further slash poverty incidence to as low as 11 percent.
Half of the 3.3-billion-dollar loans will finance big-ticket infrastructure projects such as the Angat Water Transmission Aqueduct 7, EDSA Greenways Pedestrian Walkways and South Commuter Railway. In 2019, the ADB’s loans to the Philippines amounted to 2.5 billion dollars.
To date, the ADB’s biggest project financing was the 2.75-billion-dollar Malolos-Clark Railway.