Philippines seeks 1.5-billion-USD ADB loan to cushion impact of Middle East crisis
Hanoi, June 23 -- The Philippine Government is seeking up to 1.5 billion USD in financing from the Asian Development Bank (ADB) to support programmes aimed at mitigating the economic impact of the ongoing crisis in the Middle East. Philippine Finance Secretary Frederick Go was quoted by local media on June 22 as saying that Manila has expressed interest in accessing the ADB's Countercyclical Support Facility, a financing instrument designed to help member countries cope with unexpected economic shocks. The funding is expected to support the government's Unified Package for Livelihood, Industry, Food and Transport (UPLIFT), a whole-of-government initiative aimed at reducing the economic fallout from the Middle East conflict and safeguarding ...
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