Philippines, ADB sign $7.1bn lending pipeline MoU

The Asian Development Bank, along with the Philippines' National Economic and Development Authority and Department of Finance, have signed a memorandum of understanding covering an indicative $7.1 billion sovereign lending program to the Philippines from 2019 2021.

The government's 'Build, Build, Build' program will be supported by the proposed lending program, with two-thirds of the ADB pipeline, or about $4.5 billion, allocated for projects that connect regions and communities and manage urbanization, such as railways, bridges, roads, and flood management. The remaining one-third of the pipeline will focus on policy support and social assistance in the areas of inclusive finance, capital market development, local government development, and youth employment. The agreement covers an indicative three-year rolling program that is revisited annually.