MANILA – The Asian Development Bank (ADB) has granted a $500 million loan to expand the Philippines ‘ war chest against the Covid-19 pandemic.
The Manila-based multilateral bank said the loan help support the government’s conditional cash transfer (CCT) program to improve family, youth development and update the list of household living in the poverty threshold. The 3,000 households would also receive livelihood packages.
The Expanded Social Assistance Project aims to help families under the country’s Pantawid Pamilyang Pilipino Program (4Ps) maintain their health and educational gains. The government is boosting this program for Filipinos to break the intergenerational cycle of poverty.
The Pantawid Pamilyang Pilipino Program Act was signed into law in 2019 by Philippine President Rodrigo Roa Duterte, making it a permanent program and increased cash grant to households living in poverty.
With this loan, ADB’s total lent loan to the country is at $2.6 billion, exceeding the $2.5 billion loan recorded in 2019.
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