By the SovereignPH.com Staff
MANILA — The Philippine government and the Asian Development Bank (ADB) have on Thursday, 23 April 2020 signed a loan agreement that would empower the Duterte administration access $1.5 billion for the coronavirus crisis.
The said amount is considered as the largest support ever to PH’s war on COVID-19.
The deal for the ADB’s Countercyclical Support Facility Pandemic Response Option (CPRO) was signed on Thursday, April 23 (Thursday) the Department of Finance said.
The said package is intended to fund the government’s COVID-19 Active Response and Expenditure Support (CARES) program.
“Our new financing, the largest budget support ever to the Philippines, is part of a well-sequenced support package that will provide financial and technical advice to help the government meet the challenges posed by a crisis that is wreaking havoc both globally and nationally,” ADB President Masatsugu Asakawa said.
For his part, Finance Secretary Carlos Dominguez III said the “quick-disbursing budget-support facility” will also help bridge the higher deficit requirement estimated at P990.1 billion or around $19.5 billion brought about by the pandemic’s economic fallout. (ia/SovereignPH.com)