ADB Commits $1.75 Billion Crisis Support to Philippines Amid Middle East Conflict

The Asian Development Bank (ADB) has committed up to USD 1.75 billion in additional financing to assist the Philippines in mitigating the economic impacts of the ongoing Middle East conflict. ADB President Masato Kanda announced this support during a meeting with Philippine President Ferdinand R. Marcos Jr. at Malacañan Palace on May 15, 2026. The funding aims to cushion the country against rising oil prices and global economic shocks, complementing an existing USD 2 billion policy-based loan package currently in preparation. The assistance includes policy-based and countercyclical lending, as well as trade finance, designed to manage fiscal pressures and protect vulnerable communities. This move comes after President Marcos declared a national energy emergency and launched the UPLIFT program, which provides fuel subsidies and cash assistance to affected sectors. The ADB emphasized the Philippines' vulnerability due to its reliance on imported oil and fertilizers. Furthermore, the bank is coordinating with local government departments on long-term resilience strategies, including energy security, clean energy initiatives, and social protection programs, to reduce the nation's exposure to future external shocks and commodity disruptions.