ZCZC
BCN-18
ADB-PHILIPPINE-INFRASTRUCTURE
ADB approves 200-mln-USD loan to support infrastructure projects in
Philippines
MANILA, Dec. 14, 2019 (BSS/Xinhua) – The Asian Development Bank (ADB) said
on Friday that it has approved a 200 million U.S. dollars loan to help the
Philippine government prepare and implement major infrastructure projects
under its flagship “Build, Build, Build” development program.
The Manila-based bank said the loan, as additional financing to the ongoing
Infrastructure Preparation and Innovation Facility (IPIF), will support the
preparation of several transformative projects, including the detailed
engineering design of an interlink bridge that connects the provinces of
Bataan and Cavite and the Metro Rail Transit Line 4.
It will also provide project implementation and preparation support for
staff at the country’s Department of Transportation and the Department of
Public Works and Highways, so they can effectively and efficiently manage
complex infrastructure projects, the bank added.
“Usually, major infrastructure projects take at least five years to
prepare. But the government’s ‘Build, Build, Build’ program has significantly
shortened this preparation period, and the IPIF support is helping with
this,” said ADB Country Director for the Philippines Kelly Bird.
“From a historical perspective, the government’s rollout of its ‘Build,
Build, Build’ program has been incredibly successful, with public spending on
infrastructure at an all-time high,” Bird added.
The program, a main focus of the Duterte administration, aims to boost
long-term economic growth by increasing public infrastructure investments to
7.0 percent of gross domestic product by 2022.
According to ADB, public spending on infrastructure has been on an uptrend
in the Philippines, reaching over 5.0 percent in 2018, up from around 3.0
percent in 2015 before President Rodrigo Duterte assumed office in June 2016.
IPIF was initially set up with a 100 million U.S. dollars loan approved by
ADB in 2017 to help the government tap into international best practices in
preparing flagship infrastructure projects, including railways, roads,
bridges, and flood protection facilities.
It also provided government officials access to innovative technologies in
preparing technically complex projects, such as long-span bridges, the bank
said.
BSS/XINHUA/HR/1455