ADB Offers Philippines Up to $1.75 Billion as Middle East Conflict Triggers Economic Strain

The Asian Development Bank (ADB) has pledged up to US$1.75 billion to help the Philippines manage the economic fallout from the escalating Middle East conflict. The Philippines is facing an energy and inflation crisis due to rising global energy prices and supply chain disruptions. The Philippine government is implementing an emergency support program to mitigate the social and economic effects of the crisis.