Manila: Philippine President Ferdinand Romualdez Marcos has said his country is looking at the Asian Development Bank (ADB) for “crucial development interventions” as the Southeast Asian country faces twin challenges of post-pandemic recovery and climate crisis.
During his visit to the ADB headquarters in Metro Manila, Marcos on Monday added that his administration has strategically integrated the climate agenda into its plan, ramping up annual public infrastructure spending to six per cent of the GDP, Xinhua news agency reported.
He said the plan incorporates the elements of sustainability, climate resilience, and disaster-proofing features, expecting the Manila-based bank to extend “strategic financing and technical assistance for climate-responsive projects”.
“It will be implemented in our water sector, sanitation, energy, and transportation systems, including agriculture and food production, and many other essential areas,” Marcos added, vowing climate change would be “the lodestar for our integral national policies and investment decisions”.
According to the Presidential Communications Office, the ADB was the country’s top source of active Official Development Assistance (ODA) in 2022, accounting for 34 per cent of total active ODA, reaching up to $10.74 billion.
–IANS