The Asian Development Bank is dedicating $1.72 billion in loans and $21 million in technical assistance to accelerate inclusive and sustainable growth in the Philippines.
The budget and the corresponding sectors of development are tabled in the bank’s 2013-2015 country operations plan for the Philippines. This builds on the thrusts of the Philippine Development Plan 2011-2016, which includes investments in climate and private sector development, better social services delivery, environmental resiliency, stronger governance, and reduced corruption.
Almost half of the loan budget or $750 million will go to social protection, community-driven development and inclusive growth programs such as the coverage expansion of direct conditional cash transfers to the poor, gender equality and women’s empowerment, and convergence of social protection projects.
The bank will be allocating $300 million for education, including support for the K to 12 program, promote schooling to poor and disadvantaged children and youth, scholarships and competency-based training and assessments.
The bulk of loans will go to local government finance and fiscal decentralization reforms, and the rest is split between infrastructure upgrades and disaster risk financing.
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