Philippines expects over $4 billion assistance from ADB in next 3 years

February 21, 2017

The Philippines is expecting over $4 billion assistance from the Asian Development Bank in the next three years, President Rodrigo Duterte said on Tuesday.

Speaking at the 50th anniversary reception of ADB in Mandaluyong City, Duterte hailed the Manila-based lending agency for its development assistance on the Philippines, noting this is one of the country’s largest official development assistance partners.

"For all of these, you have the gratitude of the entire people. I particularly look forward to the next round of release of the 4.22 billion dollars in loans and 9.3 million dollars in technical assistance from ADB in the next three years. These will be of help in realizing important development initiatives," Duterte said.

He assured the Philippine government would redouble its effort to foster economic growth and reduce poverty.

Duterte reiterated there will be no corruption under his term.

"It is my hope that ADB will continue to lend its support for the country accelerate its development efforts. With the ADB’s help, I am confident that we will be able to lift more of our people from poverty, expand the economy by about 50 percent in real terms, and make the Philippines hopefully, I pray, an upper middle class income economy in 2022," he said. Celerina Monte/DMS