Asian Development Bank approves $1.5 billion loan for Philippines

The Asian Development Bank (ADB) has approved a $1.5 billion loan for the Philippines to mitigate the economic impact of the Middle East conflict. The funding will be provided through the ADB’s Countercyclical Support Facility, a crisis financing mechanism designed to assist member countries facing regional instability.

The loan is intended to support the Philippine government’s Unified Package for Livelihoods, Industry, Food and Transport (UPLIFT) program. This initiative aims to provide relief to low-income households, public transport operators, small-scale farmers, and fisherfolk through fare discounts, fuel and fertilizer subsidies, cash aid, and medical packages.

Additionally, the financing will help secure the country’s fuel supply and maintain the affordability of electricity, food, and medicine. A portion of the funds is also designated to assist overseas Filipino workers (OFWs) affected by the conflict, specifically aiding their repatriation and reintegration upon returning home.