The Philippines has borrowed $1.5 billion from the Asian Development Bank (ADB) to help ease the impact of the Middle East crisis on Filipinos, according to the Department of Finance.
The loan, equivalent to approximately 236.64 billion yen, will support measures to ensure adequate supplies of fuel and electricity, keep public transportation fares affordable and provide financial assistance to vulnerable sectors.
The program also covers the repatriation and reintegration of overseas Filipino workers who may be affected by the conflict in the Middle East.
Meanwhile, the ADB lowered its Philippine economic growth forecast for 2026 to 3.3%, down from its previous projection of 3.8%.
The bank attributed the downgrade to high inflation and the continuing Middle East conflict, which are affecting consumption and investment.
The loan program aims to help the country address the economic consequences of the crisis, particularly its effects on households, transportation and energy supplies.
The assistance also includes support for overseas Filipino workers who may need to return home because of the conflict.
The supplied report did not specify the loan’s implementation timeline, detailed funding allocations or the number of workers and households expected to receive assistance.
