ADB approves $5-M emergency grant for PHL fight vs virus

THE Asian Development Bank (ADB) has approved a $5-million emergency grant for the Philippines’ fight against the coronavirus disease 2019 (COVID-19), the Department of Finance (DoF) said on Sunday.

In a statement, the DoF quoted ADB President Masatsugu Asakawa as saying the funds will allow the Philippines to leverage private sector donations for a food distribution program for Luzon’s poorest households.

Set to be launched as early as next week, the program will be implemented by the Departments of Social Welfare and Development (DSWD) and of the Interior and Local Government (DILG), and the Armed Forces of the Philippines (AFP), in coordination with the DoF.

The Manila-based multilateral lender also committed to fast-track the approval of a $1-billion quick budget support loan via the proposed COVID-19 pandemic response option of ADB’s Counter Cyclical Support Facility.

Mr. Asakawa said the ADB will also speed up approval of the $150-million additional funding for government’s Pantawid Pamilya Pilipino Program (4Ps) and the $100-million emergency project loan for additional health care facilities and procurement of muchneeded equipment such as ventilators and personal protective equipment (PPE).

He said the bank will also work on the fast approval of another $500-million loan to further expand its social assistance project for the country’s 4Ps program.

The DoF statement quoted Mr. Asakawa as praising the government’s “proactive and preemptive response in containing the community transmission of COVID-19” in a conversation with Finance Secretary Carlos G. Dominguez III.

Mr. Dominguez said they can also tap the ADB for technical assistance for the government’s “recovery” plan.

“What good will be a stimulus if there are no workers. We must think of the workers first. So, we need measures in order for the Philippines to bounce back for the inevitable turnaround. And we would like to ask technical assistance from ADB for that,” Mr. Domiguez said.

Mr. Asakawa said the ADB is currently expanding the coverage of its $500-million Contingent Disaster Facility to include health emergencies. Earlier, the multilateral lender approved the initial $3-million grant for the Philippines to buy needed medical supplies,