ADB sets $400-M loan for PH maritime dev’t
KUALA LUMPUR—The Asian Development Bank (ADB) will grant the Philippines a $400-million loan this year to fund the country’s maritime development projects.
ADB president Masato Kanda announced the loan in his speech on Tuesday at the BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area) Summit.
He said the loan “is set for approval this year, to strengthen marine ecosystems and support the blue economy under its National Adaptation Plan (NAP).”
A blue economy refers to a country’s development program as complemented by the use of its maritime resources. NAP is the government’s climate action plan involving various agencies, primarily the Department of Environment and Natural Resources and Climate Change Commission.
Among ADB’s recent investments in the Philippines, Kanda also cited $40 billion for food security and $500 million for agricultural development.
Adviser
The BIMP-EAGA Summit is one of several gatherings at the annual Asean (Association of Southeast Asian Nations) Summit hosted this year by Malaysia.
The Manila-based ADB serves as a regional development adviser to BIMP-EAGA, an economic partnership established in 1994 to foster development in the remote, less-developed areas of Brunei Darussalam, Indonesia, Malaysia and the Philippines—including Mindanao and Palawan which are covered by BIMP-EAGA’s subregions.
Mindanao Development Authority chairman Leo Tereso Magno said the ADB loan constitutes “additional funds for our country to develop Mindanao and Palawan.”
“The ADB’s commitment has always been continuous and they have been helping us,” he added.
‘Shared vision’
As this year’s chairperson of that gathering, President Marcos noted how joint initiatives among the four countries “have advance significantly” in areas like trade, food and energy security and ecotourism.
“Let us take this opportunity to not only celebrate these milestones but to also affirm our shared vision for a more integrated, prosperous, and resilient BIMP-EAGA,” Mr. Marcos said.
The path ahead calls for even greater synergy, innovation, and political will,” the President said. “I am confident that through our cooperation we will continue to transform these aspirations that we have held into lasting impact for our peoples.”
