Asian Development Bank (ADB) has approved a USD 500 million policy-based loan to support the sustainable development of the Philippines’ blue economy, marking the bank’s first extensive cross-sector program in the region focused on marine ecosystems and ocean-based growth. The initiative aims to improve the health and resilience of coastal and marine environments while strengthening climate-adaptive, low-carbon economic activities.
The Marine Ecosystems for Blue Economy Development Program will support reforms and investments across fisheries, ocean-based manufacturing, tourism, shipping, offshore energy, and waste management. It also targets key challenges such as marine plastic pollution, ecosystem degradation, and the growing impact of extreme weather events. In 2024, blue economy sectors contributed an estimated USD 17.2 billion, or 3.8% of GDP, highlighting their importance to the Philippine economy and livelihoods.
The program is aligned with the Philippine Development Plan 2023–2028 and the National Adaptation Plan 2023–2050, with a focus on nature-based solutions, climate-resilient livelihoods, and blue carbon ecosystems. It builds on ADB’s long-standing support for natural resource management in the Philippines and is expected to strengthen long-term ecological sustainability while supporting inclusive economic growth in coastal communities.
(Source: ADB)
