Metro Manila, Philippines – The Asian Development Bank has offered up to ₱98 billion in additional financing to help the Philippines manage the economic fallout from the ongoing Middle East conflict, as top bank officials met President Ferdinand Marcos Jr. in Malacañang on Friday.
ADB President Masato Kanda, accompanied by senior bank executives, paid a courtesy call on Marcos and expressed the bank’s readiness to support the government’s response to rising global oil prices and economic disruptions.
“The Philippines is ADB’s home, and we see the strain this crisis is placing on Filipino families, workers, and businesses,” Kanda said in a statement.
“ADB will act swiftly to support the government to protect vulnerable communities, manage fiscal pressures, and strengthen the economy’s resilience,” he added.
The proposed support package includes policy-based and countercyclical lending of up to $1.75 billion or roughly ₱98 billion, on top of around $2 billion or about ₱112 billion in policy loans already being prepared for the Philippines this year.
ADB said the financing could also include trade finance support if needed.
The bank said the Philippines remains vulnerable to the impact of the Middle East conflict because of its heavy dependence on imported oil, fertilizers, and other global commodities.
In March, President Marcos declared a state of national energy emergency through Executive Order No. 110 following escalating tensions in the Middle East and threats to global energy supply stability.
The order also activated the government’s Unified Package for Livelihoods, Industry, Food, and Transport, or UPLIFT, a whole-of-government response framework aimed at cushioning the impact of fuel price shocks and supply disruptions.
ADB said it is also coordinating with Philippine government agencies on programs involving food security, social protection, clean energy, energy efficiency, and mass transit investments to reduce the country’s exposure to future fuel shocks.
Among the ongoing initiatives are advisory support for the Department of Agriculture on fertilizer security and assistance to the Department of Social Welfare and Development for social protection programs.
The bank added that its broader strategy for the Philippines includes support for infrastructure, disaster resilience, climate adaptation, healthcare access, and employment recovery programs.
Founded in 1966 and headquartered in Manila, the Asian Development Bank is one of the region’s largest multilateral lenders supporting development projects across Asia and the Pacific.
This is a news release from the Asian Development Bank and Presidential Communications Office
