Philippines contributes $3 million to ADF

Philippines contributes $3 million to ADF

Story by Louise Maureen Simeon

Philstar Global 

05 May 2024

TBILISI – The Philippines is providing $3 million (P171 million) to the Asian Development Bank (ADB) fund meant to help poor and vulnerable economies in Asia-Pacific.

In a briefing here on the sidelines of the 57th ADB Annual Meeting, ADB president Masatsugu Asakawa said the bank and several donor countries have agreed to replenish $5 billion for ADB’s Development Fund (ADF).

As such, the Philippines has donated for the second time roughly $3 million to the ADF, which is being replenished every four years.

The Philippines joins Canada, Georgia, Germany, Hong Kong, China, Indonesia, Italy, Malaysia, New Zealand, Korea and the UK, among others, in this year’s ADF donors.

Finance Undersecretary Joven Balbosa said the Philippines maintained the contribution it released during the pandemic.

Balbosa is representing Finance Secretary Ralph Recto in this year’s ADB Annual Meeting.

“It’s a decent amount because we are also mindful of our fiscal consolidation program and the needs of our country,” Balbosa told reporters.

“But we are an ADB member country, we are a family of nations. It’s just fair that we provide a small share, it’s a balancing act,” he said.

The Philippines used to be a beneficiary of the ADF until it graduated from the status and eventually became eligible for loans.