ADB OKs $500-M blue loan for PH

The Manila based Asian Development Bank (ADB) has approved another $500-million (about P30-billion) policy-based loan for its host country, the Philippines, to strengthen sustainable marine management, revive coastal ecosystems, and support the development of a resilient, low-carbon blue economy.

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In a statement issued Thursday, Dec. 11, the ADB said the approved Marine Ecosystems for Blue Economy Development Program (Subprogram 1) will receive cofinancing of up to €200 million (around $235 million or about P14 billion) each from France’s Agence Francaise de Développement (AFD) and Germany’s Kreditanstalt fiir Wiederaufbau (KfW) Development Bank.

The ADB emphasized that the program aims to boost the productivity and diversity of the country’s ocean-based economy while enhancing the health and resilience of coastal areas and communities.

The program also “aims to enhance the plastic and solid waste management value chain and promote investments in the country’s natural capital,” the ADB said, noting that these initiatives are intended to ensure long-term ecological and economic resilience and protect millions of Filipinos from the worsening impacts of climate change.