The support will help the government’s efforts to develop the domestic capital market finance infrastructure and strengthen the framework for public-private partnerships.

Stephen Schuster, the bank’s Southeast Asia department’s principal financial sector specialists, said: “Given the preferred diversified funding mix, the government’s recent initiatives to improve the capital markets are encouraging and well-timed.”

The bank also announced a $100m loan for the Philippines’ infrastructure projects in October.

The Philippine government’s ADB-supported reforms aim to increase investments for infrastructure and boost interest in government bond markets and the treasury’s capacity to manage its debt and investments.

The programme would also support the government’s efforts to find different funding sources.

Schuster said: “The government’s decision to open the finance sector to foreign competition will also help attract more market participants with a diversity of business models.”

The infrastructure developments are expected to add as much as $10bn to the country’s gross domestic product between 2019 and 2024.