The Asian Development Bank has approved a $500 million policy-based loan to support the Philippines' blue economy, focusing on protecting its marine ecosystem against threats posed by plastic pollution.
The programme, which will be co-financed by Agence Française de Développement and Germany's KfW Development Bank with each providing about $235 million, aims to ensure "ecological resilience" as the Philippines taps its ocean resources through industrial fishing, tourism and offshore energy.
"This is ADB's first extensive cross-sector program focused on fostering national blue economy development in the region," ADB Philippines Country Director Andrew Jeffries said in a statement.
"We are committed to assisting our host country in achieving its climate resilience and low-carbon objectives."
The programme will help tackle plastic pollution in the Philippines, where about 750,000 tonnes of plastic enter the ocean each year from coastal areas such as Manila Bay.
It will help enforce the "extended producer responsibility" law by introducing clear, uniform labels on plastic products and recyclables, aligning local waste management guidelines, and promoting a circular economy, the ADB said.
The programme also aims to build a strong legal and institutional framework for managing coastal and marine resources, as the Philippines faces typhoons and floods that threaten ecosystems and livelihoods.
Last year, the Philippines was hit by six typhoons in the space of a month, and in a rare occurrence in November, saw four tropical cyclones develop at the same time.
(Reporting by Karen Lema; Editing by David Stanway)
