Philippines, July 14 -- The Asian Development Bank (ADB) is putting faster and more flexible crisis response tools in place to help its members in Asia and the Pacific protect people, keep essential services running, and manage energy supply and food price shocks. ADB's Board of Directors today approved Enhancing ADB's Crisis Response Modalities to Address Energy Supply and Food Price Shocks, a policy paper that updates three existing ADB financing tools: the countercyclical support facility, contingent disaster financing, and emergency assistance loan. The changes are designed to help ADB respond to supply shocks that can build over time, spread through fuel and food markets, raise inflation, strain public budgets, and disrupt essential se...