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GMA Network
2 days ago
- Business
- GMA Network
ADB extends $400-M loan to support PH food stamp program
Manila-based multilateral lender Asian Development Bank (ADB) is providing the Philippines a multi-million dollar loan to expand the country's flagship initiative to combat hunger and food insecurity in the country. In a statement on Wednesday, the ADB announced it has approved a $400-million loan for the Philippines' Reducing Food Insecurity and Undernutrition with Electronic Vouchers Project, which will expand the Walang Gutom (Zero Hunger) Food Stamp Program under the Department of Social Welfare and Development (DSWD). The Japan-led multilateral lender said the loan will help finance the delivery of monthly electronic food vouchers to 750,000 food-insecure households nationwide. "With nearly half the Philippine population unable to afford a healthy and nutritious diet, food vouchers are essential to help poor and vulnerable households meet their nutritional needs," said ADB Deputy Director General for Southeast Asia and concurrent Country Director for the Philippines Pavit Ramachandran. "This project reflects ADB's commitment to improving food security and nutrition so that all Filipinos can thrive," Ramachandran said. In December last year, the DSWD launched the Walang Gutom 2027 Food Stamp Program. It currently has 300,000 beneficiaries. Under the program, the agency provides monetary-based assistance in the form of an Electronic Benefit Transfer (EBT) card that will be loaded with monthly food credits amounting to P3,000 to purchase a select list of food commodities from partner merchant store. The ADB said poverty and food insecurity contribute to undernutrition, with nearly 30% of Filipino children under the age of five are stunted. This reflects long-term nutritional deficiencies, the ADB said, that impair learning, health, and future productivity. The lender said childhood undernutrition is also estimated to cost the economy $8.5 billion annually, underscoring the urgent need for targeted multisector solutions. The ADB said the Agence Française de Développement (AFD) is co-financing the food stamp initiative with a loan of 200 million euros ($220 million) and the OPEC Fund for International Development with a loan of $150 million. The lender added that it provided technical assistance to the DSWD to pilot the delivery of electronic vouchers in five locations from December 2023 to July 2024 in partnership with the World Food Programme. — VDV, GMA Integrated News
Khaleej Times
29-01-2025
- Business
- Khaleej Times
ADB approves $500m disaster financing for Philippines
The Asian Development Bank approved a second $500 million loan for the disaster-prone Philippines on Wednesday, allowing the country quick access to financing during natural calamities or health-related emergencies. Last year, the Philippines was ranked by the World Economic Forum as the country with the highest risk of suffering from a disaster. The Southeast Asian country experiences around 20 typhoons and up to 150 earthquakes of at least a 4.0 magnitude annually, the bank said in its funding announcement. "The Philippines is one of the fastest growing economies in Southeast Asia but is at high risk for earthquakes, volcanic eruptions, typhoons, rising sea levels, and flooding," ADB country director Pavit Ramachandran said in a statement. "With this programme, we aim to help boost the country's capacity for disaster risk reduction and management nationally and locally," he added. The ADB granted the Philippines a first tranche of $500 million in September 2020, making this the "Second Disaster Resilience Improvement Programme". The multi-year loan is designed to ensure funds can be disbursed immediately after a disaster triggered by a natural hazard and the declaration of a state of emergency. Around 60 percent of the country's land area is exposed to multiple hazards, with nearly three-quarters of the population of around 120 million living under threat of a disaster.
