MANILA - The Asian Development Bank has approved a $100 million loan to help the Philippines prepare and develop infrastructure projects that will be rolled out under the 6-year "Build, Build, Build" program, the bank said on Monday.
The loan will support the Philippine government "in accelerating the delivery of high-quality public infrastructure projects," ADB said in a statement.
The Philippines, one of the world's fastest growing economies, is overhauling its aging infrastructure to boost its competitiveness, create jobs and attract foreign firms hesitant about power costs, logistics headaches and supply chains challenges.
Under the "Build, Build, Build" initiative, President Rodrigo Duterte has pledged to usher in a "golden age of infrastructure" through a 6-year, $180 billion spending spree to modernize and build airports, roads, railways and ports.
Public spending on infrastructure is expected to reach 7.4 percent of gross domestic product by the end of Duterte's term in 2022, up from 5.3 percent in 2017 and less than 3 percent from 2010-2016.
The loan, along with a recently approved $5 million technical assistance grant, will help the government monitor and streamline processes and address operational issues at every stage of project planning, construction, and operation, ADB said.