MANILA - The Philippines and the Asian Development Bank (ADB) on Wednesday signed a $380-million loan agreement to improve Mindanao's infrastructure.

Finance Secretary Carlos Dominguez and ADB president Takehiko Nakao signed a $380 million loan for the construction of about 280 kilometers of roads and bridges in the Zamboanga Peninsula and Tawi-Tawi province.

Philippine and ADB officials also exchanged documents on a $300-million loan meant for sustaining reforms in the country's capital markets.

"Modernization of our capital markets and infrastructure backbone are the two main tasks the Duterte administration seeks to accomplish over the next five years. These two loan packages fall squarely into the national priorities we have identified," Dominguez said.