📋 Tender Overview
Project Name
Marine Ecosystems for Blue Economy Development Program (Subprogram 1)
Project Number
58379-001
Country / Economy
Philippines
Project Status
Proposed
Project Type / Modality of Assistance
Loan
Source of Funding / Amount
Loan: Marine Ecosystems and Blue Economy Program, Subprogram 1
Ordinary capital resources US$ 500.00 million
Sector / Subsector
Agriculture, natural resources and rural development / Fishery - Rural flood protection - Water-based natural resources management
Gender
Some gender elements
Description
The proposed program will support the development of resilient coastal and marine ecosystems and a thriving blue economy in the Philippines. The program aims at (i) integrated and inclusive management of coastal and marine ecosystems; (ii) enhanced management and circularity of plastic and other solid waste; and (iii) strengthened planning, budgeting, and investment in natural capital. The program is aligned with the Philippine Development Plan (PDP) 20232028, the Nationally Determined Contribution (NDC), and the National Adaptation Plan (NAP 2032-2050). It supports a blue economy by harnessing coastal and marine resources, preserving ecosystems, enhancing climate and disaster resilience, and fostering public and sector investment for sustainable growth. The program supports the nature-based development and disaster resilience strategic priority of the country partnership strategy for the Philippines, 20242029. It is aligned with Asian Development Bank's (ADB) Strategy 2030 operational priorities (OPs), specifically (i) OP1 on addressing remaining poverty and reducing inequalities; (ii) OP2 on accelerating progress in gender equality; (iii) OP3 on tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; (iv) OP5 on rural development and food security; and (v) OP6 on strengthening governance and institutional capacity. The operation is aligned with the Paris Agreement.
Project Rationale and Linkage to Country/Regional Strategy
Macroeconomic context. The ADB assesses the Philippines' macroeconomic framework and policies as satisfactory. Following the coronavirus disease (COVID-19) pandemic, the Philippine economy has demonstrated resilience, with gross domestic product (GDP) growth averaging 6.0% annually from 2021 to 2023, effectively returning to pre-pandemic levels. GDP is projected to grow 6.0% in 2024 and 6.2% in 2025. The public debt-to-GDP ratio is expected to decline below 60% by 2028, aligning with the government's Medium-Term Fiscal Framework 20222028. Macroeconomic risks include inflationary pressures from rising fuel and commodity prices, a slowdown in advanced economies, and heightened geopolitical tensions. The Philippines' BBB+/A-2 sovereign investment-grade credit ratings were affirmed by Standard and Poor's Global Ratings in November 2024. This reflects confidence in the country's economic stability.
The blue economy is an essential
