MANILA, July 3 — The Asian Development Bank (ADB) will provide USD 100 million in technical assistance (TA) loans to help the Philippines fast track priority projects, as it supports the country in delivering its ambitious infrastructure program.
ADB President Takehiko Nakao said that through the loans, the ADB will work with the Philippine government to set up an Infrastructure Preparation and Innovation Facility that will provide knowledge to key line agencies and assist in the speeding up of projects.
“It will help the development and preparation of projects, covering project feasibility studies, design, and procurement,” he said during the Philippine Transport Forum hosted by ADB on Monday.
In addition, Nakao said the Bank will provide a USD 5-million TA grant to develop a project management and information system.
“(Such system) will assist oversight agencies monitor the progress of projects, identify bottlenecks and deliver solutions,” he noted.
Nakao further said ADB has committed to support the Philippines in three areas — technical assistance, advisory and knowledge sharing and financial support.
Among other support planned by ADB is a project to improve traffic flows along Epifanio de los Santos Avenue (EDSA), Manila’s major artery.
ADB’s Office of Public-Private Partnership is also advising on the planned North-South Rail improvements as well as the new urban center of Clark Green City, he added.
Nakao identified infrastructure is still one of the most significant constraints to the Philippines’ growth prospects even amid the country’s serious efforts recently to build infrastructure.
“Significant catch-up in infrastructure development is needed in the Philippines to realize the country’s potential and increase competitiveness among its regional neighbors,” he said.
Nakao stressed that infrastructure is one of the basic conditions for economic development.
“A well-developed transport network is an essential requirement for investors, both domestic and foreign, as an underdeveloped transport infrastructure leads to high costs of doing business, and undermines business potential and economic growth,” he added.
The Duterte administration planned to spend about PHP8 trillion under its “Build, Build, Build” program to fund the “golden age of infrastructure” over the next six years. (Leslie D. Venzon/PNA)
