ADB to provide $1.6-B loan to PH

THE Asian Development Bank (ADB) will release $1.6 billion in additional loans to the Philippines as it renewed its commitment to provide support for the government.

“In addition, [the] ADB will deliver three quickdisbursing, policy-based loans totaling $1.1 billion to support ongoing government programs, and a $500-million disaster resilience finance program,” the Manila-based multilateral lender announced in a statement on Friday.

This comes two weeks after the ADB approved a $3-million grant to support the government’s response to the coronavirus disease 2019 (Covid-19) pandemic.

The grant will fund a new, modern laboratory with diagnostic equipment, testing kits and supplies at the Jose Lingad Memorial Regional Hospital in San Fernando City, Pampanga province.

Once installed, the laboratory would be able to

administer 1,000 Covid-19 tests a day.

According to President Masatsugu Asakawa, the ADB’s near-term support to the Philippines would draw from the $6.5-billion initial package he announced on March 18.

This package include a large, quick- disbursing loan available for use immediately upon approval; support for cash transfers; and assistance to the health sector to rapidly establish additional emergency facilities and purchase much-needed equipment, such as ventillators.

Asakawa said the ADB stood ready to provide further support to the country.

The “ADB is fully committed to supporting the Philippines’ efforts to overcome these unprecedented, extraordinary and challenging times,” he added.

Asakawa also said the lender would be ready with a large assistance package within weeks to help the government carry out a response with maximum impact.

“A new innovative facility will be launched within days to deliver food to the poor, with participation by the government and the private sector,” he added.

Asakawa thanked Finance Secretary Carlos Dominguez 3rd for calling on other ADB governors to give the multilateral lender’s management additional flexibility in designing fast-moving projects and programs to better meet the needs of developing member countries as they respond to the pandemic.