THE Asian Development Bank (ADB) said on Wednesday that it approved a $303-million loan to the Philippines to help build resilience against floods and other climate hazards.
In a statement, the bank said that the loan will help “reduce flood and climate risks and protect people and livelihoods in three major river basins in the Philippines, one of the most vulnerable countries to the effects of climate change and disasters caused by natural hazards.”
The loan will finance the first phase of the Integrated Flood Resilience and Adaptation Project. It aims to “upgrade and construct flood protection infrastructure in the Abra river basin in northern Luzon and the Ranao/Agus and Tagum–Libuganon river basins in southern Mindanao.”
“The infrastructure takes into account future climate change impacts and incorporates nature-based solutions such as restoring and reconnecting old river channels for natural drainage and reinforcing riverbanks with mangroves and vegetation,” it added.
The project seeks to help 22 local government units and around 150 barangays improve their climate and disaster risk management systems. It will also finance training programs for building local capacity.
“The project will help strengthen the Philippines’ capacity to perform flood risk management planning by providing training for government officials, installing equipment for weather and river flow monitoring and early flood warning, and introducing an asset management information system,” the ADB said.
“Climate change is expected to raise risks from extreme weather events. These river basin communities are highly vulnerable to climate-related hazards, as we have seen in recent years when typhoons destroyed infrastructure, displaced families, and damaged crops,” ADB Senior Water Resources Specialist Junko Sagara said.
Last year, the ADB extended a total of $2.995 billion to the Philippines in the form of loans, grants, and co-financing programs. This was 7.3% higher than the $2.791 billion committed in 2021.
The bank is earmarking $4 billion worth of loan financing this year, mainly in eight projects and programs. — Luisa Maria Jacinta C. Jocson
