The Asian Development Bank (ADB) has approved a 300-million-U.S. dollar loan to support the Philippines' efforts to strengthen the framework under which the private sector can participate in the government's infrastructure development program, the bank said on Monday.

ADB said the policy-based loan seeks to help and allow public-private partnership (PPP) infrastructure projects in the Philippines to flourish using private sector expertise and innovation.

"PPPs can raise the quality of life for citizens by providing reliable public services through efficient infrastructure," said ADB Senior Trade Specialist Cristina Lozano.

With its fast-growing economy, archipelagic geography, expanding population, and rapid urbanization, ADB said the Philippine government aims to raise infrastructure investments to 7.4 percent of the gross domestic product by 2022 from 5.1 percent in 2016.

The "Build, Build, Build" program, part of the medium-term Philippine Development Plan, is estimated to require a total 168 billion U.S. dollars in investments for 75 high-impact priority projects nationwide.

To finance this, the government wants to use an optimal funding mix composed of government spending, official development assistance, and private capital.

Since 2010, the Philippine government has awarded a total of 16 national PPP projects worth around 6.2 billion U.S. dollars. Feasibility studies for six projects were also completed during the program period.

Classified in 2011 as an emerging country in terms of PPP readiness, the Philippines now ranks seventh in the overall ranking, joining India, Japan, and South Korea in the group of developed PPP markets, according to a report of The Economist Intelligence Unit.