Manila, Sept. 24 -- The Asian Development Bank (ADB) has approved USD1.5 billion to help the Philippines fund its whole-of-government response to mitigate the impact of rising oil prices and Middle East tensions.

In a statement on Thursday, ADB said the Assistance for Greater Resilience and Alleviation of Poverty program will help finance the government's Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) program.

Earlier this year, Finance Secretary Frederick Go said the Philippines expressed its intent to tap the ADB's counter-cyclical support facility (CSF) for additional funding for the program.

CSF provides rapid budget support to member countries in times of shocks.

President Ferdinand R. Marcos Jr. activate...