MANILA — The Asian Development Bank has approved a $250 million or around P13 billion to the Philippines to support the country's climate change adaptation and mitigation efforts, the multilateral lender said on Tuesday.
ADB said the loan will help the Philippines deliver on its commitments to the Paris Agreement and move towards “a climate-resilient and low-carbon economy.”
“We have a climate emergency, and all countries must come together and address the causes and adapt in a way that ensures food security, protects our biodiversity, and improves the well-being of millions of vulnerable persons,” said ADB Vice-President for East Asia, Southeast Asia, and the Pacific Ahmed M. Saeed.
The Manila-based lender noted that the Philippines is ranked fourth among the countries most affected by extreme weather according to the Global Climate Risk.
The bank also noted that the pandemic has heightened the country’s vulnerability to the economic impact of severe weather events.
“Poorer households are disproportionately affected, especially in urban areas with less secure infrastructure, and those situated along the country’s vast coastal areas most exposed to extreme weather,” ADB said.
The bank said the loan will support reforms to enhance the resilience of farming and fishing communities to climate change and reduce greenhouse gas emissions.
ADB earlier announced it had also approved a $400 million loan to the Philippines to help the country deepen its financial markets.