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ADB OKs $100-M loan for PHL infra facility


Manila-based multilateral lender Asian Development Bank (ADB) has green-lit a $100-million loan for the Philippines' Infrastructure Preparation and Innovation Facility (IPIF), which will support the government in fast-tracking the rollout of public infrastructure projects under the “Build, Build, Build” program.

In a statement, the ADB said its board of director has approved the $100-million loan for the said facility.

The ADB said the IPIF will assist the Department of Transportation and the Department of Public Works and Highways in preparing flagship infrastructure projects using international best practices.

The multilateral lender said the new loan, along with the recently approved $5 million technical assistance grant, serves as "a catalyst for the government’s project management and monitoring system."

"It will strengthen the government’s project facilitation and monitoring systems, reduce infrastructure bottlenecks, and help relevant agencies systematically monitor project progress and address operational issues at every stage of project planning, construction, and operation," the ADB said.

The IPIF, with a total cost of $164.06 million, is expected to be completed in the second quarter of 2021. The Philippine government will contribute $64.06 million for the said facility.

“The flagship infrastructure projects under the ‘Build, Build, Build’ program will spur economic growth and improve people’s living standards. Better infrastructure will lower the cost of doing business, shorten travel times, and usher in more economic opportunities in remote areas. It will also make it easier for people to access education, healthcare, and other social services,” Richard Bolt, ADB country director for the Philippines, said.

“We look forward to working with the government to develop a timely, high-quality project preparation process for effective, innovative infrastructure projects in the Philippines," he added.

The "Build, Build, Build" program — the centerpiece of President Rodrigo Duterte’s 10-point Socioeconomic Agenda — aims to increase public investment and accelerate infrastructure delivery.

With this, public spending on infrastructure is expected to reach 7.4 percent of gross domestic product by 2022, up from 5.3 percent in 2017 and less than 3 percent from 2010 to 2016. —John Ted Cordero/KBK, GMA News

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