The Asian Development Bank (ADB) has approved a USD500 million policy-based loan to boost the Philippines’ blue economy, marking its first major cross-sector initiative focused on national marine development.
The funding aims to strengthen marine ecosystems, revitalize coastal communities, and accelerate the country’s shift toward a resilient, low-carbon ocean-based economy.
Dubbed the Marine Ecosystems for Blue Economy Development Program (Subprogram 1), the initiative targets the productivity and diversity of ocean-based industries while restoring coastal health and supporting communities reliant on marine resources. It also emphasizes improving plastic and solid waste management systems and expanding investments in natural capital, ensuring long-term ecological and economic stability amid intensifying climate risks.
“More than half of the Philippine population relies on marine resources for food and livelihoods,” said ADB Philippines Country Director Andrew Jeffries. “The blue economy holds immense potential for inclusive, resilient, and low-carbon growth. ADB is fully committed to supporting the Philippines as it pursues its climate and development goals.”
In 2024, fisheries, tourism, shipping, offshore energy, and other ocean-based sectors contributed P1.01 trillion (USD17.17 billion), or 3.8 percent of the nation’s GDP. Yet unsustainable practices, rising plastic pollution, and stronger storms are increasingly threatening these resources. The Philippines, as one of the world’s largest archipelagos, faces around 20 typhoons annually, often causing severe flooding and property losses.
The program aligns with the Philippine Development Plan 2023–2028, the National Adaptation Plan 2023–2050, and the country’s climate commitments, emphasizing nature-based solutions, resilient livelihoods, and blue carbon ecosystems. Cofinanced by France’s Agence Française de Développement and Germany’s KfW Development Bank—each contributing up to EUR200 million—the initiative complements ADB’s broader climate agenda, including the Climate Change Action Program and the Philippines Flyway Project, which protects critical wetlands in Luzon and Mindanao.
With coordinated funding and strategic planning, the program positions the Philippines to safeguard its marine wealth while driving sustainable growth for decades to come.
