ADB approves $200M loan for 4Ps cash aid

The Asian Development Bank (ADB) approved an additional $200 million loan on Monday to support emergency cash subsidies for Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries in April and May.

On Tuesday, the Philippines signed a $200-million loan agreement with the ADB as part of the Social Protection Support Project-Second Additional Financing program to provide unconditional emergency cash assistance to poor households affected by quarantine measures.

Finance Secretary Carlos Dominguez III expressed gratitude towards the ADB's swift support, highlighting its role in providing a lifeline to millions of Filipinos who have lost their incomes due to the pandemic.

The loan agreement aims to help bridge immediate financing requirements for distributing cash grants via cards to 4Ps beneficiaries under Republic Act 11469 or the Bayanihan To Heal As One Act.

President Rodrigo Duterte extended the Enhanced Community Quarantine (ECQ) on the National Capital Region until May 15, also covering high-risk areas such as Baguio City and parts of Mindoro, Albay, and Catanduanes.