MANILA - The Asian Development Bank said Wednesday it approved a $500 million (P24.9 billion) loan to support the Philippines' conditional cash transfer program and to keep children healthy and in school.
The Manila-based lender pointed to studies that affirm the effectiveness of the Pantawid Pamilyang Pilipino Program or 4Ps, which helped 1.5 million people escape poverty, it said.
“Through this project loan and technical assistance support, ADB is helping the Philippines expand these gains," said ADB Vice-President Ahmed M. Saeed.
Based on ADB data, the average enrollment rate for children aged 16 to 17 years in 4Ps households is 88 percent, higher than the 70 percent in non-4Ps households.
In addition, a $1.3 million technical assistance will be provided for youth development sessions, IT support, and the integration of the 4Ps database to the national ID system, among others, the ADB said.