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Philippines : ADB Announces $6.5 Billion Initial Response to COVID-19 Pandemic

Publish Date : 19-Mar-2020

The Asian Development Bank (ADB) today announced a $6.5 billion initial package to address the immediate needs of its
developing member countries (DMCs) as they respond to the novel coronavirus (COVID-19) pandemic.
"This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels,” said
ADB President Masatsugu Asakawa. “With our developing member countries, we are formulating an aggressive set of
actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure
economies will rebound as swiftly as possible. Based on close dialogue with our members and peer institutions, we are
deploying this $6.5 billion rescue package to meet the immediate needs of our members.”

Mr. Asakawa stressed that “ADB stands ready to provide further financial assistance and policy advice down the road
whenever the situation warrants, on top of the $6.5 billion package.”

The initial package includes approximately $3.6 billion in sovereign operations for a range of responses to the health and
economic consequences of the pandemic, and $1.6 billion in nonsovereign operations for micro, small, and medium-sized
enterprises, domestic and regional trade, and firms directly impacted. ADB will also mobilize about $1 billion in
concessional resources through reallocations from ongoing projects and assessing possible needs for contingencies. ADB
will make available $40 million in technical assistance and quick-disbursing grants.

To provide the support package to DMCs as quickly and flexibly as possible, ADB will seek adjustment in its financing
instruments and business processes. Subject to approval by ADB’s Board of Directors, this will include faster access to
emergency budget support for economies facing severe fiscal constraints, streamlined procedures for policy-based lending,
and universal procurement with flexible and faster processes.

The pandemic demands a coordinated response and strong collaboration among countries and organizations. ADB will
further strengthen its close collaboration with the International Monetary Fund, the World Bank, regional development
banks, the World Health Organization, and major bilateral funding agencies including the Japan International Cooperation
Agency, as well as the US Centers for Disease Control and private sector organizations, to ensure effective implementation
of its COVID-19 response.

Since its first COVID-19 response on 7 February 2020, ADB has already provided more than $225 million to meet urgent
needs of both governments and businesses in DMCs. ADB’s COVID-19 response to date includes:
7 February 2020: A $2 million grant to enhance infectious disease prevention, detection, and response in the
People’s Republic of China (PRC) and the Greater Mekong Subregion;
27 January to 17 February 2020: $1.5 million in loan savings from the ongoing GMS Health Security Project
allocated to procure essential equipment for detection and personal protection;
25 February 2020: A CNY130 million ($18.6 million) private sector loan to a Wuhan, PRC-based pharmaceutical
distributor to enable the continued supply of essential medicines and personal protective equipment;
26 February 2020: A second grant window was established with an initial $2 million allocation to help DMCs
contain COVID-19 and improve resilience. Additional financing is being mobilized for this grant window;
12 March 2020: $200 million made available through ADB’s Supply Chain Finance Program for companies
manufacturing and distributing medicines and other items needed to combat COVID-19. Through its partner
financial institutions, ADB can provide essential working capital to such companies;
13 March 2020: A $3 million grant to support the Philippine government’s response to COVID-19, including the
purchase of emergency medical supplies and the delivery of effective health care services;
13 March 2020: A $600,000 grant from the Health System Enhancement Project to finance preventive and
response efforts in Sri Lanka, including disease surveillance and the provision of medical supplies and equipment;
13 March 2020: $100,000 was reallocated from the Tajikistan Maternal and Child Health Integrated Care Project
to finance COVID-19 prevention and mitigation, medical supplies, and equipment;
18 March 2020: $1.4 million was reallocated from the Fifth Health Sector Development Project in Mongolia to
procure essential medical equipment for early detection, emergency care, and management of severe respiratory
diseases. ADB also approved a $225,000 small-scale technical assistance to strengthen Mongolia’s national
capacity for infection prevention and control.

The financial instruments that provided the above measures are available for all ADB DMCs.

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