The Asian Development Bank (ADB) has pledged support to the Philippines in advancing digitalization, human capital development, and disaster preparedness through a comprehensive Country Partnership Strategy (CPS). This strategic collaboration was reinforced during a meeting between Finance Secretary Ralph G. Recto and ADB President Masatsugu Asakawa, where key priorities and initiatives were discussed.
The new CPS will encompass crucial areas such as digital transformation, human ware, and infrastructure development, aligning with the country’s development goals and priorities. Recto highlighted the urgency of embracing digitalization, especially after increased e-commerce activities, emphasizing the potential revenue benefits and the need to bridge the digital divide.
ADB’s commitment extends to partnering with the Philippine government on initiatives like the Digital Transformation Project for the Bureau of Internal Revenue (BIR) to enhance tax administration and revenue mobilization efforts. Additionally, there is a focus on bolstering human capital through education and nutrition programs, aiming to improve the quality of life for all Filipinos.
The meeting also explored opportunities to attract investments, particularly in flagship infrastructure projects under the Public-Private Partnership (PPP) framework. This collaboration aims to enhance competitiveness across power, physical infrastructure, and digital connectivity sectors.
In line with global climate initiatives, the DOF sought ADB’s support for hosting the Loss and Damage Fund (LDF), demonstrating a shared commitment to sustainable energy and climate resilience.
As one of the Philippines’ key development partners, the ADB’s total ODA commitment underscores its significant role in driving inclusive growth, business development, agriculture, finance, and infrastructure projects. The meeting, attended by high-level officials from both sides, reflects a strong partnership dedicated to advancing the country’s socio-economic progress and resilience to emerging challenges.
