MANILA, Nov. 26 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday said it has approved a policy-based loan of 500 million U.S. dollars to help further strengthen the Philippines' efforts to tackle climate change.

"The program is helping accelerate reforms to transform key sectors such as agriculture, natural resources and the environment, energy, and transport toward climate-resilient and-low carbon pathways," the ADB said.

The Philippines faces the highest disaster risk in the world, according to the World Risk Index 2022-2024. In recent weeks, strong typhoons impacted the Philippines, highlighting the country's vulnerability to increased frequency and intensity of extreme weather events.

Economic damages from climate-related disasters could be as high as 7.6 percent of gross domestic product by 2030, the Manila-based bank said.

"Climate change is exacerbating all major development challenges in the Philippines. The country's high vulnerability impacts its economic momentum and outlook," said ADB Philippines Country Director Pavit Ramachandran.

He said the program is part of the ADB's commitment to help the Philippines "avert economic damages from future climate change impact, mobilize green investment, and transform its economy." Enditem

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