ADB President Kanda, Philippine President Marcos Agree to Deepen Cooperation on Broad-based, Inclusive, Sustainable Growth

MANILA, PHILIPPINES (26 February 2025) — Asian Development Bank (ADB) President Masato Kanda met with Philippine President Ferdinand R. Marcos Jr. at Malacañang Palace today. The leaders agreed to deepen cooperation to help foster broad-based and sustainable growth across the country.

Mr. Kanda emphasized during the meeting ADB’s approach of listening to local needs and delivering tangible improvements to underserved areas. He highlighted the importance of balancing infrastructure development with targeted measures that safeguard livelihoods and address emerging risks and commented how this has been a successful approach in ADB’s partnership with the Philippines.

“We are proud to stand with the Philippines as a reliable partner, working closely with government and communities to solve complex challenges together,” said Mr. Kanda. “Our responsive financial support, robust policy advice, and local cooperation aims to help ensure the gains of economic growth are felt by all Filipinos. We look forward to building on our longstanding partnership to deepen inclusive growth throughout the country.”

Mr. Kanda commended the Philippines for its strong economic performance, citing average annual growth of 6.1% over the past 4 years and a reduction in poverty from 18.1% in 2021 to 15.5% in 2023. He recognized the government’s decisive reforms that have opened sectors such as renewable energy, shipping, railways, expressways, and telecommunications to foreign investments.

ADB has ongoing projects worth $10.27 billion in the Philippines, including the Laguna Lakeshore Road Network, Bataan–Cavite Interlink Bridge, Malolos–Clark Railway Project, and the South Commuter Railway Project, which is ADB’s biggest project financing in the region. These initiatives align with the government’s goal of developing quality infrastructure that connects people to jobs and services, while laying a stronger foundation for long-term prosperity.

Under ADB’s new country partnership strategy, 2024–2029 for the Philippines, the bank will further broaden its engagement by boosting human capital, supporting social programs, and promoting innovation, thereby ensuring that even the most vulnerable communities benefit from the country’s economic momentum.

Building on these efforts, ADB will collaborate closely with local authorities and stakeholders to develop tailored solutions that respond to evolving challenges. By prioritizing capacity building, innovation, and people-centered policies, ADB seeks to accelerate the Philippines’ progress toward longer-term development goals.

With a proven track record across Asia and the Pacific, ADB’s global reach and triple-A credit rating enable it to mobilize substantial financial resources for transformative development. In the Philippines, this approach combines rigorous project preparation, transparent governance, and collaboration with government agencies and private investors to help drive sustained growth, broaden economic participation, and bolster confidence among local and international stakeholders.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.