ADB Crafts New Six-Year Country Partnership Strategy for the Philippines

The Asian Development Bank (ADB) has unveiled a new country partnership strategy (CPS) for the Philippines, aiming to set a transformative agenda for the country over the next six years.

In a statement released on Thursday, the Manila-based multilateral lender outlined that the new CPS, spanning from 2024 to 2029, is designed to foster sustained, inclusive, and resilient growth, particularly in the face of climate challenges. The strategy will focus on three key areas: human development, economic competitiveness and quality infrastructure, and nature-based development and disaster resilience.

The ADB emphasized that the strategy integrates initiatives promoting digital transformation, gender equality, and improved governance and institutional capacity, ensuring a comprehensive approach to development.

“ADB’s partnership with the Philippines is at its strongest. This new strategy will further a flourishing collaboration to support the country in achieving a prosperous future that leaves no one behind, particularly as it faces the dual challenges of accelerating economic growth and addressing persistent poverty and income inequalities,” said Pavit Ramachandran, ADB’s country director for the Philippines.

The bank highlighted the Philippines’ average economic growth of 6.3% from 2021 to 2023, driven by a dynamic services sector, robust public investment, and a strong investment-grade rating that continues to attract foreign direct investments.

Under the new strategy, ADB plans to intensify its support for initiatives that benefit low-income households, promote regional economic growth through flagship infrastructure projects, and shift focus to emerging sectors like clean energy, blue economy, and nature-based investments.

The ADB also aims to align closely with the Philippines’ development goals, reinforcing the government’s reform momentum in areas such as private sector development, public investment, and social inclusion. By collaborating with local communities, government agencies, and other development partners, the bank intends to co-create solutions to address pressing challenges, such as infrastructure deficits and climate change, and unlock new growth opportunities.

Furthermore, the ADB will work to embed climate actions across its engagements and investment plans in the Philippines. The CPS also aims to catalyze private sector-led development by supporting policy and regulatory reforms, strengthening markets and investment pipelines, and expanding funding availability.