PH gets fresh $500-M ADB loan
The Asian Development Bank has approved a new loan allowing the Philippines to quickly access emergency financing in the event of disasters triggered by natural hazards and public health emergencies.
“This new contingent disaster financing instrument will help the government manage fiscal risks posed by those shocks and lessen the economic and social impacts on people’s livelihoods and the country’s economy,” he added. Disasters cost the Philippines 0.7 percent to 1.0 percent of gross domestic product every year, including about P43.5 billion caused by earthquakes and around P133 billion from typhoons.
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