ADB Considers Extending Financing for Philippine UPLIFT Subsidy Program

The Asian Development Bank (ADB) is considering extending part of its P1.75-billion loan that has filled budget gaps arising from the government’s Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Program. "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," said ADB Country Director for the Philippines Andrew Jeffries on the sidelines of the Luzon Economic Corridor Investment Forum on Thursday. He added that the proposal is subject to approval from the ADB's Board of Directors. Mr. Jeffries said the loan would provide further support to the National Government after funding was directed to assist farmers and fisherfolk hit by surging fuel prices. The UPLIFT program also provided temporary monthly cash aid to help families deal with rising prices caused by the war in the Middle East. In May, the ADB announced $1.75 billion in additional financing support to help the Philippines mitigate the economic impact of the conflict. The additional support was expected to come in the form of policy-based and countercyclical lending, as well as trade finance if needed. This package comes on top of some $2 billion in policy-based loans being prepared for the Philippines this year. — Beatriz Marie D. Cruz