ADB Commits USD 2.7 Billion, its Largest Funding Deal to the Philippines

May 2019

Responding to the Philippine government’s massive “Build, Build, Build” Infrastructure program, the Asian Development Bank (ADB) is ramping up its loan financing from USD 1 billion to an average of about USD 2.5 billion annually starting in 2019.

In this context, the Malolos – Clark Railway project, co-financed with Japan International Cooperation Agency (JICA), will acquire the largest chunk of the annual allotment for 2019, already approved for USD 2.7 billion .This is the largest single Infrastructure project funding awarded by ADB to date. This is a 53-kilometer passenger railway expected to partially operate in 2022, that will connect Malolos City in Bulacan to Clark International Airport and will extend to New Clark City in Tarlac, which is being positioned as the country’s first smart, green city and disaster-resilient community. The project is part of the government’s flagship project, the North-South Commuter Railway (NSCR) system, a 163-km railway network from New Clark City to Calamba City in Laguna, south of Manila.

Other projects slated for ADB’s financing include USD 300 million for the education sector, USD 200 million for technical assistance on Infrastructure programs, and USD 100 million to rehabilitate the water transmission line from Angat Dam in Bulacan to Metro Manila.

(Sources: Philippine Star; Inquirer)

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