MANILA -- The Asian Development Bank said Monday its board approved a $300 million (P16 billion) loan to help the Philippines strengthen the framework for private sector participation in its "Build, Build, Build" program.
Through the loan the ADB said it was hopeful Manila could "create the enabling policy environment that will allow public-private partnership (PPP) projects to flourish using private sector expertise and innovation."
"PPPs can raise the quality of life for citizens by providing reliable public services through efficient infrastructure," said ADB Senior Trade Specialist Cristina Lozano.
The ABD cited the Philippines' fast-growing economy, expanding population, growing urbanization and government's plan to raise infrastructure investments to 7.4 percent of gross domestic product.
"The Philippines has made significant progress since the PPP program was launched in late 2010," said ADB Country Director for the Philippines Kelly Bird.
"With a huge project pipeline being rolled out under the BBB program of President Rodrigo Duterte, leveraging public resources via private sector participation remains relevant," Bird said.