The Asian Development Bank (ADB) on Friday said it is ready to provide up to $1.75 billion in additional financing to help the Philippines deal with the economic effects of the ongoing conflict in the Middle East.
ADB president Masato Kanda met with Philippine President Ferdinand R. Marcos Jr. at Malacañang Palace.
Kanda said the ADB is prepared to quickly support the Philippine government in protecting vulnerable sectors, easing fiscal pressures, and strengthening the country’s economy.
“The Philippines is ADB’s home, and we see the strain this crisis is placing on Filipino families, workers, and businesses,” Kanda said.
The Philippines has been heavily affected by the Middle East conflict because it relies on imported oil, fertilizers, and other commodities from global markets.
In response, the government declared a national energy emergency and launched the Unified Package for Livelihoods, Industry, Food, and Transport. The program includes fuel subsidies, reduced excise taxes on selected oil products, and cash assistance for transport workers, farmers, fishers, and repatriated overseas Filipino workers.
