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Philippines seeks 1.5-billion-USD ADB loan to cushion impact of Middle East crisis

Manila has expressed interest in accessing the ADB’s Countercyclical Support Facility, a financing instrument designed to help member countries cope with unexpected economic shocks.

Hanoi (VNA) – The Philippine Government is seeking up to 1.5 billion USD in financing from the Asian Development Bank (ADB) to support programmes aimed at mitigating the economic impact of the ongoing crisis in the Middle East.

Philippine Finance Secretary Frederick Go was quoted by local media on June 22 as saying that Manila has expressed interest in accessing the ADB’s Countercyclical Support Facility, a financing instrument designed to help member countries cope with unexpected economic shocks.

The funding is expected to support the government’s Unified Package for Livelihood, Industry, Food and Transport (UPLIFT), a whole-of-government initiative aimed at reducing the economic fallout from the Middle East conflict and safeguarding livelihoods across the country.

Go said that the country has expressed its intent to tap the ADB’s countercyclical support facility in the amount of up to 1.5 billion USD to provide additional funding to support the response measures under the UPLIFT framework in order to better respond to the ongoing impacts of the Middle East conflict.

The UPLIFT requires at least 155 billion PHP (over 2.5 billion USD) to fund its programmes and projects.

Last month, the ADB said it had received requests for financial assistance from 15 countries in the region affected by the Middle East crisis, including the Philippines. In response, the bank launched a 4-billion-USD support package, comprising 3 billion USD in direct assistance requested by governments and 1 billion USD in trade finance to help secure energy and food imports.

In May, ADB President Masato Kanda offered President Ferdinand Marcos Jr. up to 1.75 billion USD in additional financing to help the Philippines cushion the conflict. This support could be deployed through additional policy-based and countercyclical lending, as well as trade finance if needed.

The amount is also on top of around 2 billion USD in policy-based loans being prepared by the ADB for the Philippines this year./.

VNA
#Middle East crisis #ADB’s Countercyclical Support Facility #Philippines #Asian Development Bank #ADB Philippines
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