MANILA – Multilateral lender Asian Development Bank (ADB) has increased the funding for infrastructure-related investments in the Philippines, the Department of Finance (DOF) said Tuesday.
In a statement, the DOF said the ADB has hiked its actual lending approval to 48 percent over the next three years from 34 percent in 2011 to 2016.
The increase recognizes “the government’s strong resolve … to bridge the country’s massive infrastructure gap.”
In 2011 to 2016, the ADB approved $1.45 billion for sustainable and climate resilient infrastructure, $2.57 billion for good governance and finance, and $300 million for employment and education.
The funding can be gleaned from Philippine Country Operations Business Plan (COBP).
The COBP for 2018 to 2020 reflects a provision of $1.9 billion for sustainable infrastructure and development, $1.2 billion for regional development and finance, and $900 million for human development, according to the ADB. (GMA News)