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Banking & Finance News

ADB provided P254M Grant to Provide Support on Luzon Island

The Asia Development Bank (ADB)  has provided the Philippines a P254 million grant for at least 55,000 families in Metro Manila for a Luzon-wide quarantine against COVID-19.

In a statement, ADB said it would activate its Rapid Emergency Supplies Provision Project, also known locally as Bayan Bayanihan. The project would “leverage ADB and private sector resources to provide essential food supplies to vulnerable households on Luzon island, including Metro Manila.”

The lender said beneficiaries would include the poorest families in the coverage area and informal sector workers who lost their sources of livelihood because of the extended period of self-isolation and business closures.

Masatsugu Asakawa said the program was “unique” and would combine “core strengths of the government, ADB, domestic and global” philanthropists. The main objective is to improve the health, living conditions and resilience of households most affected by the pandemic.

It said it hoped to “attract more contributions to support the expansion of the program so more vulnerable households can be supported for a longer period of time.”

The ADB said chosen beneficiary-households will also get food varieties based on the government’s guidelines. Last Tuesday, April 3, the ADB program already delivered 2,000 50-kilogram sacks of rice in Caloocan City, Manila, Pasay City, and Quezon City.

April 3Friday, According to ADB “more food —including rice, drinks, and canned sardines, tuna, and corned beef— will be delivered to households in Malabon.”

Last week, Asakawa committed to Finance Secretary Carlos G. Dominguez III more than P81 billion in additional aid to the Philippines on top of a P154 million grant for a testing lab in Pampanga province.