ADB OKs P11.5 million aid for Philippine growth strategy

MANILA, Philippines — Manila-based Asian Development Bank (ADB) has approved a $225,000 (P11.52 million) technical assistance grant to support the country’s growth strategy amid the pandemic.

The $225,000 grant will come from ADB’s Technical Assistance Special Fund.

ADB said the assistance aims to support the Department of Finance in formulating a growth strategy that will guide necessary structural reforms to lift potential growth and create skilled jobs.

The sectors involved are in agriculture, natural resources and rural development; industry and trade; information and communication technology; and public sector management. It targets inclusive economic growth.

“The socioeconomic impacts of the pandemic created many development challenges. This strategy will identify new sources of sustained growth that will help the Philippines consistently achieve a real gross domestic product growth to become a high-income country in 2040,” ADB said.

The AmBisyon Natin 2040 is the long-term vision and aspirations of the Filipino people for themselves and for the country in the years to come.

But the pandemic derailed economic goals after GDP shrunk to a decades-worst 9.6 percent in 2020, with unemployment peaking at almost 18 percent during the height of the lockdown.

Last year, the economy showed gradual signs of recovery, but repeated lockdowns due to COVID-19 surge pulled prospects for a better rebound.

“Progress in vaccination is helping restore consumer and business confidence. An expansionary fiscal policy continues to support growth, especially infrastructure investment,” ADB said.