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ADB approves 1.5 billion USD loan to help Philippines mitigate impact of Middle East conflict

The ADB funding will help the Philippine Government secure fuel supplies, maintain access to electricity, healthcare, food, and medicine at affordable prices, and assist Filipino workers abroad in returning home. The loan is provided through ADB’s Countercyclical Support Facility (CSF), a financial instrument designed to provide rapid budget support to member countries in times of economic shocks.

Hanoi (VNA) – The Asian Development Bank (ADB) has approved a 1.5 billion USD loan to support the Philippines in mitigating the socio-economic impacts of the conflict in the Middle East, particularly amid rising fuel prices.

According to a recent ADB announcement, the loan will contribute to financing the Philippine Government's Unified Package for Livelihood, Industry, Food and Transport (UPLIFT) programme.

Through the programme, Manila is implementing financial assistance measures for low-income groups affected by rising fuel prices due to the Middle East conflict. These measures include fare reductions, fuel and fertiliser subsidies, medical assistance, and cash assistance for poor households, vulnerable groups, drivers and public transport operators, small-scale farmers, and fishermen.

The ADB funding will help the Philippine Government secure fuel supplies, maintain access to electricity, healthcare, food, and medicine at affordable prices, and assist Filipino workers abroad in returning home. The loan is provided through ADB’s Countercyclical Support Facility (CSF), a financial instrument designed to provide rapid budget support to member countries in times of economic shocks.

ADB President Masato Kanda said the loan represents support for the Philippines’ efforts to protect its people and maintain resilience against external impacts.

Earlier in May, Kanda proposed an additional 1.75 billion USD in assistance to Philippine President Ferdinand Marcos Jr. to help the country cope with the economic impact of tensions in the Middle East./.

VNA
#ADB #Philippines #Middle East conflict #fuel prices #Countercyclical Support Facility Philippines
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