MANILA: The Asian Development Bank (ADB) has approved a US$500mil policy-based loan to support the Philippines’ blue economy, focusing on protecting its marine ecosystem against threats posed by extreme weather and plastic pollution.
The programme, which will be co-financed by Agence Francaise de Developpement and Germany’s KfW Development Bank with each providing about US$235mil, 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 programme 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. — Reuters
