PHILIPPINE President Ferdinand R. Marcos, Jr. said he hopes his country’s green projects would benefit from a six-year program with the Asian Development Bank (ADB), citing annual economic losses worth billions due to climate change.
The Philippine government and ADB on Thursday launched the six-year Country Partnership Strategy, which focuses on human development, economic competitiveness and quality infrastructure, and natural resources management and disaster resilience.
In his speech at the turnover ceremony at the Presidential Palace, Mr. Marcos cited his country’s vulnerability to climate change and noted that its damage to the national economy could reach up to 7.6% of the gross domestic product by 2030.
“With annual economic losses due to climate change exposure potentially reaching 7.6% of gross domestic product by 2030. It is a critical challenge,” he said.
Citing a recent World Index Report showing that the Philippines remained the most disaster-prone country for the 16th straight year, Mr. Marcos said it has been more important for his country to invest more in renewable projects and climate solutions.
Under the partnership strategy, the ADB will help the country tailor-fit solutions based on its needs. It will leverage partnerships and increase cofinancing for priority projects. — Kyle Aristophere T. Atienza