ADB approves $200-M loan to finance cash subsidies for 4Ps

The Asian Development Bank (ADB) on Monday approved a $200-million loan for the Philippines to finance emergency cash subsidies for beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) in April and May.

According to ADB, the loan is under the Social Protection Support Project-Second Additional Financing Program, and will contribute to the $726-million required for 4P beneficiaries this month and the next.

"This global pandemic, of a kind not seen in the last century, has disrupted the livelihoods of millions of Filipinos and could set back the very substantial gains the country has made in reducing poverty in recent years," ADB vice president Ahmed Saeed said.

"The new loan supports the government's emergency subsidy program, which was designed to help vulnerable households get through this very difficult period and avoid falling into poverty," he elaborated.

Just last week, the ADB and the Philippines signed a $1.5-billion agreement, roughly P76.5 billion, as budgetary support for the government's fight against COVID-19 through the Countercyclical Support Facility Pandemic Response Option (CPRO).

"ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty," the multilateral lender said.

President Rodrigo Duterte last week extended the enhanced community quarantine (ECQ) on the National Capital Region (NCR) until May 15, also covering high-risk areas such as Baguio City, Oriental and Occidental Mindoro, Albay, and Catanduanes. —LDF, GMA News