ADB Loans Philippines $48 Billion for Universal Healthcare Reform

Finance Secretary Frederick Go has signed a P48-billion agreement with the Asian Development Bank (ADB) to fund the third phase of the Philippine government's universal healthcare reform program.

The financing, equivalent to 119.745 billion Japanese yen, will support the Build Universal Health Care Program Subprogram 3 (BUHC3).

Go stated that signing this agreement is a long-term investment in the country's human capital and resilience.

The third phase of the program aims to improve equitable access to quality health services while making the healthcare system more responsive to gender-specific health concerns and climate change impacts.

The ADB provided $600 million for the first subprogram in 2021 and $450 million for the second in 2023. For this third phase, the loan will be supplemented by a separate $187.9-million loan from the Japan International Cooperation Agency.