ADB finalizing $500M loan for PH’s climate action efforts — DOF

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The Philippines has secured the continuous commitment of the Asian Development Bank to support the government’s climate action efforts, the Department of Finance said Thursday.In a statement, the DOF said Finance Secretary Ralph Recto had a high-level meeting with ADB president Masatsugu Asakawa on Aug. 28, 2024, at the ADB ’s headquarters in Ortigas.

It focuses on investments in public transport, clean energy, disaster risk management, and social protection.The CCAP2 builds on the accomplishments of the CCAP1 signed in June 2022, which made the Philippines a pioneer of the ADB’s first-ever policy-based loan dedicated to climate action, according to the DOF.

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