ADB Approves $1.5 Billion Loan for Philippines' COVID-19 Response

The Asian Development Bank (ADB) has approved a $1.5 billion loan for the Philippines to support its fight against the coronavirus disease 2019 (COVID-19).

This funding will help finance the government's measures to address health, economic, and social impacts of the pandemic.

The loan includes a PHP205 billion emergency subsidy program covering 18 million families in the informal sector and a PHP51 billion small business wage subsidy for 3.4 million workers.

ADB President Masatsugu Asakawa emphasized the bank's commitment to providing swift assistance to mitigate the pandemic's impact on Filipinos, particularly the poor and vulnerable.