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MANILA — The Asian Development Bank said on Wednesday it has approved a $500 million policy-based loan for the Philippines for quick access to financing during natural disasters or health-related emergencies.
“The financing will support reforms to raise resilience and enable timely response and recovery efforts, thus minimizing the impact of disasters on the economy and Filipinos’ lives and livelihoods,” the multilateral lender said in a statement.
—Reporting by Mikhail Flores; Editing by Martin Petty