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By APD writer Melo M. Acuna
**MANILA, Dec. 17 (APD) ** – The Asian Development Bank (ADB) raised its loan facility to the Philippines with the latest involving a US$300M for “Expanding Private Participation in Infrastructure Program” (EPPIP) with another US$300M for the “Inclusive Finance Development Program” (IFDP).
In a statement released today, the Asian Development Bank said President Takehiko Nakao affirmed that ADB’s loan commitments for the Philippines will reach a record of US$1.3B for 2018. Aside from the EPPIP and IFDP, another loan will support the Philippines’ Improving Growth Corridors in Mindanao Roads Sector project.
Last Friday, the ADB Board approved the US$408M Emergency Assistance for Reconstruction and Recovery of Marawi (City) financing package.
Next year, the ADB expects to further increase its loan commitments to the Philippines to as high as US$ 2.9B. So far, it has already provided the Philippines more than US$19B in sovereign and non-sovereign lending since its first loan granted in 1969.
“The reason why we are trying to increase government lending is because we want to support the “Build, Build, Build” program of this administration,” Mr. Nakao said. He said he is confident the loans will be used in the most efficient and quick manner, adding that the Philippines has the capacity to do what needs to be done.
He was further quoted saying these loans are just two of several highlights of its partnership with the Philippines for the year. He added the ADB’s 51st Annual Meeting of the Board of Governors in Manila last May, its new six-year Country Partnership Strategy (CPS), and the approval of its Country Operations Business Plan 2019-2021 for the Philippines.
Within the CPS agreement, ADB will be lending around US$7.8B to the Philippines from 2018-2021 or about USX$ 2.5B annually.
Mr. Nakao said this is more than double the amount of assistance the Philippines has been receiving annually from ADB since 2011. More than half of this amount has been reserved for infrastructure projects.
Philippine Finance Secretary Carlos G. Dominguez III underscored the government’s firm commitment into projects involving public-private partnership (PPP), especially in managing completed and future infrastructure projects. He added that although the construction of international airports in Clark City and Panglao were implemented quickly by de-emphasizing PPP, management of these facilities will be taken over by the private sector.
Secretary Dominguez added that while transport and tourism projects are the Philippine government’s current priority, other PPP projects are also being pushed. This includes the national ID program and fuel marking which will be implemented in February according to the ADB statement.
(ASIA PACIFIC DAILY)
