ADB commits $400 M for dev't projects in Phl

The Asian Development Bank (ADB) yesterday committed to provide a $400-million loan to support the Philippines’ marine ecosystem and blue economy projects.

- By ALEXIS ROMERO

KUALA LUMPUR –

In a speech during the 16th Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit here, ADB President Masato Kanda said coastal resilience is needed to sustain fisheries and aquaculture, an important source of nutritious food.

“Today, I am pleased to share that a $400 million loan for the Philippines is set for approval this year, to strengthen marine ecosystems and support the blue economy under its National Adaptation Plan,” Kanda said.

President Marcos served as the chair of the BIMP-EAGA conference, one of the side events of the 46th Association of Southeast Asian Nations Summit.