Manila: The Philippines has expressed its intent to tap the Asian Development Bank (ADB) for additional funding for the government's Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) response, Finance Secretary Frederick Go said.

According to Philippines News Agency, the country is seeking up to USD1.5 billion from the ADB's counter-cyclical support facility (CSF) to bolster its response measures under the UPLIFT Framework. This funding aims to address the ongoing impacts of the Middle East conflict, particularly by assisting vulnerable sectors to mitigate the effects of oil supply shocks and other disruptions.

Finance Secretary Go highlighted that the CSF is designed to provide rapid budget support to member countries during periods of economic shocks, including pandemics, global financial crises, and geopolitical tensions like those currently seen in the Middle East.

President Ferdinand R. Marcos Jr. activated the UPLIFT framework through Executive Order No. 110. This initiative represents a comprehensive, whole-of-government approach to ensure domestic energy supply, maintain essential services, support economic continuity, and protect vulnerable citizens amid rising oil prices and Middle East tensions.