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MANILA – The Asian Development Bank said Wednesday that it is prioritizing infrastructure and health in its loans to the Philippines, which are expected to reach $ 9.4 billion between 2021 and 2023.
The multilateral lender said that at least two-thirds of that amount will go to infrastructure, health and job recovery to help the government revitalize the economy amid the COVID-19 pandemic.
“We are focusing on infrastructure projects that have high employment multipliers and support long-term economic growth through better connectivity,” said ADB Vice President Ahmed Saeed.
More than 52 percent of sovereign loans will support transportation projects, such as railways, highways and bridges, ADB said. Meanwhile, about 12 percent will help the government implement the Universal Health Care Act, he added.
By 2021, ADB said it is lending $ 1.75 billion to finance the first section of the 53-kilometer Southern Commuter Rail Project, which will connect Metro Manila with Laguna.
Other infrastructure projects for 2021 include the construction of 3 bridges in Metro Manila to help ease traffic congestion in the capital.
The multilateral lender is also expected to lend $ 500 million to help the Philippine government provide comprehensive and affordable health care services for Filipinos under a universal health care coverage program.
ADB, infrastructure, Ahmed Saeed, South Commuter Railway Project, Universal Health Care Act, multilateral lender
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