The Asian Development Bank’s (ADB) continued support has helped the Philippines in delivering “clear and impactful” actions to give Filipinos a brighter future, President Ferdinand R. Marcos Jr. said Thursday.
During the launching and ceremonial turnover of the ADB Philippines Country Partnership Strategy (CPS) for 2024-2029 at Malacañan Palace in Manila, Marcos said the ADB has been “a reliable partner in Philippine development.”
Marcos stressed that under the new CPS for 2024-2029, the ADB is not just supporting the Philippine government’s projects but is also laying the groundwork for Filipinos’ better future.
“Thanks to the ADB, we are not just talking about progress; we are now on the path to achieving it. Your contributions have turned hope into reality and made a profound difference in countless lives here in the Philippines. For that, we are very grateful,” he said.
“This strategy is about turning lofty goals such as those into tangible improvements in the daily lives of our people. Today, we are not just talking about progress. We are delivering it with clear, impactful actions,” Marcos added.
Marcos said the ADB, with almost USD9 billion in net commitment for the Philippines as of mid-2024, serves as the country’s top multilateral development partner and second largest source of official development assistance.
He, however, acknowledged that the markers of “genuine” progress are the “outcomes that go beyond financial returns.”
“These benchmarks of progress represent the real wealth of a nation and the heart of the [CPS] 2024-2029,” Marcos said. “If there is one thing that we have learned, it is that, with one vision and with determination, aspirations can become remarkable achievements.”
Marcos said the ADB’s commitment of over USD12 billion for the next three years is a “precious vote of confidence” in the shared vision for a “brighter and better Bagong Pilipinas (New Philippines).”
He expressed optimism that the Philippines’ partnership with the ADB would result in better social services, improved infrastructure, and a more resilient economy.
“With this partnership, we have a unique opportunity to redefine what is possible and set a new standard for excellence and inclusivity. Let us move forward with unwavering resolve, knowing that the journey ahead is not just about meeting expectations but about surpassing them and setting new benchmarks for success,” Marcos said.
The ADB’s CPS for 2024-2029 will serve as a transformative agenda for the Philippines over the next six years, as the Marcos administration continues to implement programs aimed at building a more prosperous, inclusive, and climate-resilient future for all Filipinos.
Anchored on the long-standing partnership between the Philippines and ADB, the newly-launched CPS aims to focus on addressing three critical areas and priorities to ensure inclusive growth for the country.
These include strengthening human development, boosting economic cooperation and quality infrastructure, and scaling up nature-based development and disaster resilience.
The National Economic and Development Authority (NEDA), as the government’s key coordinating agency for development planning, for its part said it will play a pivotal role in ensuring that ADB’s support under the CPS aligns with the country’s broader development goals as outlined in the PDP 2023-2028.
“The Philippines is on track to achieving Upper Middle-Income Country status, and it is imperative that the gains from our economic growth are felt by all Filipinos. As the CPS was formulated through comprehensive consultations with NEDA and other government agencies, we are confident that the strategies outlined are aligned with the PDP, effectively guiding our efforts to address socioeconomic and regional disparities, enhance resilience, and foster a more inclusive and equitable economy,” said NEDA Secretary Arsenio Balisacan. (PNA)
