THE Manila-based multilateral lender on Thursday, September 5, announced it has crafted a new country partnership strategy (CPS) aimed at setting a fresh transformative agenda for the Philippines in the next six years.
The new CPS is “designed to ensure that growth is not only sustained but also inclusive and resilient in the face of climate challenges,” according to Asian Development Bank (ADB).
The new strategy spans from 2024 to 2029 and 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.
The multilateral lender said initiatives that promote digital transformation, gender equality, and improved governance and institutional capacity “are integral to the strategy, ensuring a holistic approach to development.”
“ADB’s partnership with the Philippines is at its strongest. This new strategy will further a flourishing collaboration to support the country in achieving a prosperous future that leaves no one behind, particularly as it faces the dual challenges of accelerating economic growth and addressing persistent poverty and income inequalities,” said ADB country director for the Philippines Pavit Ramachandran.
“We are leveraging our full suite of support modalities — financial and nonfinancial — to deliver transformative impact, ensuring that the benefits of growth reach all Filipinos, particularly the most vulnerable,” said Ramachandran.
The ADB cited the Philippines average 6.3% economic growth from 2021 to 2023, noting it is attracting more foreign direct investments with “robust investment grade rating, dynamic services sector, and higher public investment.”
To help the Philippines remain on its growth trajectory, the lender said that under the new strategy, it “will intensify support for initiatives that benefit low-income households, promote regional economic growth corridors through flagship infrastructure investments, and shift focus to emerging sectors like clean energy, blue economy, and nature-based investments.”
It added the new CPS closely aligns with the Philippines’ development goals, reinforcing the government’s reform momentum in areas such as private sector development, public investment, and social inclusion.
By working closely with local communities, government agencies, and other development partners, the lender said it aims to co-create tailored solutions to tackle the most pressing challenges, from infrastructure deficits to climate change, and unlock new opportunities for growth and development. (GMA Integrated News)
