World

ADB helps Philippines address COVID-19 crisis

The Asian Development Bank (ADB) and the Philippines have signed a 500 million USD loan to help the country's efforts to mitigate the impact of the COVID-19 pandemic that has taken a heavy toll on the poor.
ADB helps Philippines address COVID-19 crisis ảnh 1People in the Philippines wear masks to prevent spread of COVID-19 (Photo: Xinhua/VNA)

Hanoi (VNA) - The Asian Development Bank (ADB) and the Philippines havesigned a 500 million USD loan to help the country's efforts to mitigate theimpact of the COVID-19 pandemic that has taken a heavy toll on the poor.

The Philippines' Department of Finance (DOF) said in a statement that thecountry has accessed the fresh financing package worth million 500 million USD fromthe ADB to help support the Philippines’ immediate budgetary requirements toaddress the coronavirus crisis with the signing of a loan agreement for theExpanded Social Assistance Project (ESAP).

Philippine Finance Secretary Carlos Dominguez said that the budget-support loanwill not only help bridge Philippines' funding gap for its COVID-19 responsebut will also strengthen its social protection programme as it restarts economyand help people get back on their feet amid the pandemic.

According to the DOF, the ESAP, which builds on a decade of ADB's support forsocial protection programs in the Philippines, aims to assist the government inthe continued implementation of its conditional cash transfer initiative dubbedthe Pantawid Pamilyang Pilipino Programme (4Ps).

The 500 million USD loan aims to continue funding education and health grantsto eligible 4Ps household-beneficiaries for a period of four years starting2020.

The ESAP loan, which covers a maturity period of 29 years inclusive of aneight-year grace period, brings to 2.6 billion USD the total financing packageextended by the ADB so far to the Philippines for its programmes to address theCOVID-19 crisis./.
VNA
#COVID-19#Asian Development Bank (ADB)#the Philippines#loans#mitigate impacts#Expanded Social Assistance Project (ESAP)#Vietnamplus#Vietnam News Agency
Follow VietnamPlus

Related News

ADB approves 400 mln USD loan to support Philippines

ADB approves 400 mln USD loan to support Philippines

The Asian Development Bank (ADB) said on May 26 that it has approved a 400 million USD loan to support the Philippine government's efforts to strengthen domestic capital markets and reach its development goals of high, sustained economic growth and poverty reduction.
ADB helps Indonesia develop geothermal power

ADB helps Indonesia develop geothermal power

The Asian Development Bank (ADB) has approved a loan worth 300 million USD to help PT Geo Dipa Energi (GDE), an Indonesian state-owned company, expand its geothermal power generation.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.