Philippines secures $175M in ADB loans for Marikina bridges

The Philippines has secured another $175 million in loans from Japan-led Asian Development Bank (ADB), this time for the funding of three new bridges over the Marikina River to improve Metro Manila traffic.

According to the ADB, the loan will cover three new climate- and disaster-resilient bridges totaling 3,024 meters over the Marikina River. These include the Marcos Highway-St. Mary Bridge, the Homeowner’s Drive-A. Bonifacio Bridge, and Kabayani Street-Matandang Balara Bridge.

"The project is ADB's first focused on bridge construction in the Philippines and will help in the country's economic recovery from the COVID-19 pandemic by creating jobs, improving the living conditions of residents near the river, and providing them with better access to the rest of Metro Manila," ADB Transport Specialist for Southeast Asia Chaorin Shim said in an emailed statement.

The ADB did not elaborate on the terms of the loan, but said the bridge designs will include climate- and disaster-resilient features in a bid to reduce flood risks and absorb shocks from strong earthquakes.

The project is also aligned with ADB's country partnership strategy for the Philippines from 2018 to 2023, which prioritizes support for the country's infrastructure investments.

The ADB earlier this week also announced the approval of another $250-million loan to the Philippines to boost the country's COVID-19 vaccine supply by 40 million additional doses.

Latest data from the Bureau of the Treasury (BTr) show that the Philippine government's running debt stock ballooned to a new record-high of P11.97 trillion as of end-October, up 19.38% from P10.027 trillion the same month last year. —Jon Viktor D. Cabuenas/KBK, GMA News