Inquirer
ADB lends $1.5B for PH fight vs COVID-19
The Philippines and the Asian Development Bank (ADB) signed a $1.5 billion loan agreement to support the government's COVID-19 response.
This loan, part of the COVID-19 Active Response and Expenditure Support (CARES) program, is the ADB's largest budget support loan to the Philippines.
The CARES program will finance government measures such as increased social protection, especially for women, small business relief assistance, and wider health measures.
These measures include a P205-billion emergency subsidy program for 18 million informal sector families and a P51-billion small business wage subsidy for 3.4 million workers.
These programs are intended to cover 85 percent of all Filipino families.
The ADB country director for the Philippines, Kelly Bird, stated that the CARES program would support the Philippines' P655.6-billion response program across five interventions against COVID-19.
Previous ADB grants include $5 million for food packages and $3 million for medical supplies.
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News Sources
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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.
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The World Bank has approved a $100 million loan to support the Philippine government's emergency response to the COVID-19 pandemic, focusing on strengthening the healthcare system.
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The Philippine Department of Finance (DOF) and the World Bank (WB) have signed a $100-million loan agreement to bolster the country's response to the COVID-19 pandemic.
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The United States has provided an additional US$5.3 million (approximately P269 million) in humanitarian aid to the Philippines, bringing the total US assistance for COVID-19 efforts to US$9.3 million (more than P470 million).
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Department of Budget and Management (DBM) Secretary Wendel Avisado assured the public that the Philippine government possesses sufficient funds to address the ongoing COVID-19 crisis.
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