ADB commits $400M for Philippines' marine ecosystems

The Asian Development Bank (ADB) has committed a $400 million loan for the Philippines, set for approval this year, to support marine ecosystems and the blue economy under its National Adaptation Plan.

At the 16th Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA) summit on Tuesday, ADB President Masato Kanda announced that this new funding will focus on Mindanao and Palawan, aiming to establish an integrated management of coastal and marine ecosystems.

Mindanao Development Authority chairman Secretary Leo Tereso Magno welcomed the assistance, noting that most of the efforts provided by ADB to BIMP-EAGA go to these regions.

ADB has previously deployed $500 million for agricultural development in the Philippines through policy reforms, enhanced public services, financial support, and protection of rural families.

Philippine officials will determine which projects will be covered by the new funding from ADB, with a focus on continuing to craft a vision for BIMP-EAGA's future development.