MANILA — The Asian Development Bank (ADB) has granted the Philippines $500 million in climate financing support, the Department of Finance (DOF) announced on Thursday.

At the regional conference of the Coalition of Finance Ministers for Climate Action, ADB President Masatsugu Asakawa announced that the organization was completing the funding support under its Climate Change Action Program Subprogram 2—a climate change policy-based loan.

Asakawa is finalizing a $500 million financing plan as part of the $10 billion climate finance commitment that the ADB is making to the Philippines between 2024 and 2029. This program aims to enhance climate resilience through investments in sustainable energy, social protection, public transportation, and disaster risk reduction.

“The financing commitment aims to improve the climate resilience of local communities, ecosystems, and the national economy. It focuses on investments in public transport, clean energy, disaster risk management, and social protection,” the DOF stated.

CCAP Subprogram 2 seeks to alleviate poverty and inequities, accelerate progress toward gender equality, strengthen climate and disaster resilience, and improve environmental sustainability. The ADB also aims to support rural development and food security, as well as build governance and institutional capacity, according to its website.

Additionally, Asakawa pledged to leverage regional resources, such as the Green Climate Fund and the ASEAN Catalytic Green Finance Facility, to secure more grant funding.

Asakawa further noted that the ADB Board will assess the Philippines’ new Country Partnership Strategy (CPS) next week, with an emphasis on human development, economic competitiveness, infrastructure, climate action, and private sector growth.

Finance Secretary Ralph Recto thanked Asakawa for the ADB’s unwavering support for the Philippines, stating that ADB is the country’s top multilateral partner and second-largest supplier of official development assistance (ODA) pledges.

Recto assured the ADB that the government has the strong political will to ensure that ODA projects are implemented with the utmost efficiency and effectiveness.

Last year, the ADB was the country’s second-largest source of ODA, with a portfolio worth $11.43 billion, accounting for 30.65 percent of overall ODA.

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