Philippines to get $1.87b in project loans

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Infrastructure development is key for the Philippine’s economic wellbeing in the future

The Asian Development Bank (ADB) will commit $1.87 billion of loans for infrastructure and public sector projects in the Philippines over the next three years, the National Economic and Development Authority (NEDA) of the Philippines said in a recent release.

The funds are meant for public sector management programmes including social protection as well as and infrastructure projects in transportation and disaster risk financing. A share of the funds has also been allocated to education.

The move is part of the ADB’S Country Programming Mission 2013-2015, “responding to our needs and priorities as laid out in our Philippine Development Plan for 2011-2016,” NEDA Deputy Director-General Rolando G. Tungpalan said in the release.

The programme is supported by co-financing from the ASEAN Infrastructure Fund at $325 million, focusing on water supply, transportation and road improvements over the period.

The Philippines are still lacking in critical infrastructures compared to Southeast Asian neighbours. Spending on infrastructure projects, particularly transportation networks, is already long overdue to lift the geographically fragmented country’s economy to a higher level, not only for commerce and industry, but also for tourism.

 

 

 

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Reading Time: 1 minute

Infrastructure development is key for the Philippine’s economic wellbeing in the future

The Asian Development Bank (ADB) will commit $1.87 billion of loans for infrastructure and public sector projects in the Philippines over the next three years, the National Economic and Development Authority (NEDA) of the Philippines said in a recent release.

Reading Time: 1 minute

Infrastructure development is key for the Philippine’s economic wellbeing in the future

The Asian Development Bank (ADB) will commit $1.87 billion of loans for infrastructure and public sector projects in the Philippines over the next three years, the National Economic and Development Authority (NEDA) of the Philippines said in a recent release.

The funds are meant for public sector management programmes including social protection as well as and infrastructure projects in transportation and disaster risk financing. A share of the funds has also been allocated to education.

The move is part of the ADB’S Country Programming Mission 2013-2015, “responding to our needs and priorities as laid out in our Philippine Development Plan for 2011-2016,” NEDA Deputy Director-General Rolando G. Tungpalan said in the release.

The programme is supported by co-financing from the ASEAN Infrastructure Fund at $325 million, focusing on water supply, transportation and road improvements over the period.

The Philippines are still lacking in critical infrastructures compared to Southeast Asian neighbours. Spending on infrastructure projects, particularly transportation networks, is already long overdue to lift the geographically fragmented country’s economy to a higher level, not only for commerce and industry, but also for tourism.

 

 

 

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