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PHL, ADB sign $200M loan deal to augment funds for cash assistance to poor households
The Asian Development Bank (ADB) and the Philippines have signed a $200 million loan agreement to support the government's emergency cash subsidy program for vulnerable households affected by the COVID-19 pandemic.
The loan is the second additional financing from the ADB under its Social Protection Support Project (SPSP), which complements the Pantawid Pamilyang Pilipino Program (4Ps).
Finance Secretary Carlos G. Dominguez III signed the agreement for the Philippines, while ADB Country Director Kelly Bird represented the bank.
Finance Secretary Dominguez expressed gratitude to the ADB for its continuous support in mitigating the pandemic's impact on Filipinos and the economy.
ADB Vice President Ahmed Saeed commended the Philippine government for implementing the emergency subsidy program to help those impacted by the health and economic crisis.
The loan, with a 29-year maturity and an 8-year grace period, is expected to be disbursed by June 2020.
In a separate development, the ADB also provided a $1.5 billion loan for the COVID-19 Active Response and Expenditure Support (CARES) program, the largest budget support ever extended by the ADB to the Philippines.
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