The Asian Development Bank (ADB) has approved a new six-year country partnership strategy with the Philippines, a development described by government officials as an affirmation of the Duterte government’s ambitious infrastructure program and inclusive growth goal. The ADB said it would pursue co-financing arrangements with other development partners to help the government achieve its goal of lowering poverty to 14 percent of the population by 2022. Finance Undersecretary Tony Lambino, meanwhile, said investments in infrastructure would allow the Philippines to join the ranks of high middle-income economies. “[The goal is] 2022 at the latest, but if you’ve heard from Sec. Pernia (Socioecnomic Planning Secretary Ernesto Pernia), we might get there earlier, next year or shortly thereafter,” he said.

Source: Manila Times September 20, 2018 16:41 UTC