THE Asian Development Bank (ABD) is looking to lend the Philippines $1.7 billion to fund a key infrastructure project and actions versus climate change, a senior official said on Monday.
The Manila-based lender, country director Pavit Ramachandran told reporters, is "really stepping up" efforts to mobilize private capital for the Philippines' development efforts.
In particular, the ADB could approve funding for the Laguna Lakeshore Road Network (LLRN) project, which the National Economic and Development Authority (NEDA) updated in July.
The first tranche of the project loan will amount to $1.2 billion, Ramachandran said.
The LLRN project, first approved in 2021, involves the construction of a 37.5-kilometer main road and a 12-kilometer viaduct from Lower Bicutan, Taguig, to Tunasan, Muntinlupa.
It also includes a 25.5-kilometer shoreline viaduct and embankment from Tunasan to Calamba, Laguna. Expected to be completed in 2027, the project aims to boost growth in the National Capital Region, Calabarzon and Central Luzon.
The NEDA has expanded the scope to include roads and interchanges in Tunasan and in the towns of San Pedro, Biñan and Cabuyao in Laguna.
"We are in the process, last stages, of having the Laguna Lakeshore Road Network project presented to our board for approval," Ramachandran said.
"We'll be supporting the MRT4 (Metro Rail Transit Line 4) next year, projects in several river basins ... the Tagum, Abra, other river basins in Mindanao and Luzon and other areas," he added.
With regard to climate change initiatives, Ramachandran said that the ADB's country partnership strategy for the Philippines was particularly focused on boosting resilience and adaptation.
The multilateral lender is looking to grant a $500-million loan for this purpose, he added,"the idea being there's a ready resource available for the government in the event of [natural disasters]."
"[U]nfortunately, the Philippines is very vulnerable to natural disasters, geophysical hazards, so this can be triggered in that instance."