The Philippines and the Asian Development Bank signed an agreement on a $200-million (P10-billion) loan as additional financing for the government’s efforts to provide unconditional emergency cash assistance to poor and vulnerable households that were adversely affected by the quarantine measures imposed to contain the pandemic.
It is the second additional financing provided by the ADB under the Social Protection Support Project which supports the government’s conditional cash transfer or the Pantawid Pamilyang Pilipino Program of the Department of Social Welfare and Development.
Finance Secretary Carlos Dominguez III signed the US$200-million loan agreement on behalf of the Philippine government, while ADB country director for the Philippines Kelly Bird signed it on behalf of the bank.