The Asian Development Bank has approved a $500 million loan to help the Philippines protect marine ecosystems, curb plastic pollution and strengthen climate resilience, as the country expands ocean-based industries while facing escalating threats from typhoons, floods and rising seas.
The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support the Philippines’ blue economy, aiming to protect marine ecosystems from intensifying climate impacts and widespread plastic pollution.
The programme, to be co-financed by France’s development agency AFD and Germany’s KfW Development Bank with around $235 million each, seeks to strengthen ecological resilience as the country expands ocean-based industries, including fishing, tourism and offshore energy.
“This is ADB’s first extensive cross-sector programme focused on fostering national blue economy development in the region,” said ADB Philippines Country Director Andrew Jeffries. “We are committed to assisting our host country in achieving its climate resilience and low-carbon objectives.”
A key focus will be tackling plastic pollution, with an estimated 750,000 metric tonnes of plastic entering Philippine waters annually, much of it from coastal areas such as Manila Bay, the bank said.
The programme will support enforcement of the country’s Extended Producer Responsibility law by introducing uniform labelling for plastic products and recyclables, aligning local waste management rules and promoting a circular economy.
It will also strengthen legal and institutional frameworks for managing coastal and marine resources, as the Philippines, among the world’s most climate-vulnerable countries, faces escalating threats from typhoons, flooding and rising sea levels.
Last year, the country was struck by six deadly typhoons in a single month, while four tropical cyclones formed simultaneously in November, a rare occurrence scientists say may signal shorter, more intense storm cycles.
