Hanoi, Sept. 28 -- The Asian Development Bank (ADB) has approved a 1.5 billion USD loan to support the Philippines in mitigating the socio-economic impacts of the conflict in the Middle East, particularly amid rising fuel prices.
According to a recent ADB announcement, the loan will contribute to financing the Philippine Government's Unified Package for Livelihood, Industry, Food and Transport (UPLIFT) programme.
Through the programme, Manila is implementing financial assistance measures for low-income groups affected by rising fuel prices due to the Middle East conflict. These measures include fare reductions, fuel and fertiliser subsidies, medical assistance, and cash assistance for poor households, vulnerable groups, drivers and public...