MANILA -- The Asian Development Bank (ADB) has committed to provide $400 million to support development projects in the Philippines, particularly in Mindanao and Palawan, Mindanao Development Authority Secretary Leo Magno said Tuesday.

Magno made the announcement shortly after the 16th Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area or BIMP-EAGA Summit in Kuala Lumpur chaired by Philippine President Ferdinand Marcos Jr.

“So nandyan ang ADB. Tuloy tuloy ang pagtulong nila. Yun nga they even committed that they will continue their assistance, sila na lang siguro ang magsabi, they gave an amount during the meeting earlier ($400 million) and they committed for soft funds, additional funds for our country, to develop Mindanao and Palawan,” Magno told reporters in Kuala Lumpur.

In his speech during the BIMP-EAGA Summit, ADB President Masato Kanda says that the $400 million loan is set for approval this year, and is set to “strengthen marine ecosystems and support the blue economy under its National Adaptation Plan.”

“Today, I am pleased to share that a $400 million loan for the Philippines is set for approval this year, to strengthen marine ecosystems and support the blue economy under its National Adaptation Plan,” Masato was quoted as saying.

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