The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) that sets a specific agenda to support the Philippines’ transformation in the next 6 years. It is designed to ensure that growth is not only sustained but is also inclusive and resilient in the face of climate challenges.

The strategy, spanning from 2024 to 2029, will focus on addressing critical development needs and bolstering support on three key areas—human development, economic competitiveness and quality infrastructure, as well as nature-based development and disaster resilience. These priorities will be supported by initiatives to promote digital transformation, gender equality, and improved governance.

As the region’s climate bank, ADB will work to embed climate actions across its engagements and investment plans in the country. Under the new CPS, ADB will also catalyze private sector-led development by supporting policy and regulatory reforms, strengthening of markets and investment pipelines, and expanding funding availability.
 

Transcript

SUPERS - Text and voice narration

The Philippines is flourishing, powered by a vibrant economy and strong reform momentum. 

It is one of Southeast Asia’s fastest-growing economies, with growth driven by a dynamic services sector, higher public investment, and sound fiscal policy.

Yet amidst this progress, persistent poverty remains a challenge.

The potential of young Filipinos is hindered by gaps in education, health, job creation, and innovation investment.

The Philippines is also one of the world’s most disaster-prone countries, and is highly vulnerable to climate change. 

ADB’s new Country Partnership Strategy for the Philippines maps a way forward in three critical areas to build a more prosperous, inclusive, and climate-resilient future.

The new strategy will advance human development by strengthening basic education, expanding access to Universal Health Care, enhancing social protection systems, promoting quality employment, and fostering innovation and technology adoption.

It will boost economic competitiveness by delivering climate-smart infrastructure, promoting clean energy, improving the business-enabling environment, expanding local revenue sources, and developing regional growth corridors.

It will also scale up nature-based development and disaster resilience by bolstering climate action, enhancing food security, protecting biodiversity, and financing a just transition to a low-carbon economy.

These priorities are supported by initiatives to promote digital transformation, gender equality, and improved governance.

As Asia and the Pacific’s climate bank, ADB is committed to embed  climate actions in its investments, policy advice and knowledge work to help foster increased resilience and decarbonization in the country.

ADB will also catalyze private sector-led development by supporting policy and regulatory reforms, strengthening markets, and expanding investment pipelines.

The new strategy builds on the long-standing partnership between the Philippines and ADB. 

Through this close collaboration, ADB’s annual lending support quadrupled to 4 billion dollars in 2023 from 2017, with major investments in cutting-edge infrastructure projects.   

The Philippines is ADB’s home, one of its largest client countries, and its leading partner for public-private partnerships. 

Moving forward, ADB will continue to work closely with the Philippines to deliver innovative solutions for the country’s most pressing challenges.

ADB remains committed to being the country’s trusted partner, ensuring that the benefits of growth reach all Filipinos, especially the most vulnerable.