The Asian Development Bank (ADB) announced plans to extend financing for the government's Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) program. This move comes as the Philippines grapples with economic pressures linked to the ongoing crisis in the Middle East.
Financial Support for Vulnerable Sectors
It’s a totally new facility specifically to address the budget gaps that have resulted from the Middle East crisis and the UPLIFT program of the government.
Andrew Jeffries, ADB Country Director for the Philippines
- ADB's financing could reach P1.75 billion.
- Support will assist farmers and fisherfolk affected by fuel price surges.
Andrew Jeffries, ADB's Country Director for the Philippines, stated that the new financing facility is designed to fill budget gaps caused by the global crisis. This funding aims to bolster support for farmers and fisherfolk, who have been particularly hard-hit by escalating fuel prices.
The UPLIFT program also provides monthly cash aid to families struggling with rising costs due to the conflict in the Middle East. In May, the ADB had already announced a $1.75 billion package to mitigate these economic impacts.
This new financial support will be subject to approval by the ADB's Board of Directors. If approved, it will complement around $2 billion in policy-based loans already being prepared for the Philippines this year.