ADB launches new six-year plan to help Philippines achieve resilient growth

Manila, Sep 5 (SocialNews.XYZ) The Asian Development Bank (ADB) on Thursday said that it has launched a new six-year country partnership strategy for the Philippines' sustained, inclusive, and resilient growth in the face of climate challenges.

Spanning from 2024 to 2029, the strategy will focus on addressing the country's critical development needs and bolstering support in three key areas: human development, economic competitiveness and quality infrastructure, as well as nature-based development and disaster resilience, the Manila-based bank said.

Crosscutting initiatives that promote digital transformation, gender equality, and improved governance and institutional capacity are integral to the strategy, ensuring a holistic approach to development, Xinhua news agency reported.

"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.

To help the Philippines remain on its growth trajectory, the ADB, under the new strategy, 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.

Under the new country partnership strategy, the ADB said that it will also catalyse private sector-led development by supporting policy and regulatory reforms, strengthening markets and investment pipelines, and expanding funding availability.

Source: IANS