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China-backed AIIB approves $750-M loan for Philippines' pandemic response

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Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/05/29/20200528-covid19-quarantine-san-juan-tricycle-gc-8002.jpg"/><figcaption>A traffic enforcer checks the temperature of a passenger at a tricycle terminal in San Juan City on the first day of the resumption of their operations on May 28, 2020. George Calvelo, ABS-CBN News</figcaption></figure></div>BEIJING - Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $750 million (P37.9 billion) loan to the Philippines to help the country cope with the coronavirus pandemic.The project, which will be co-financed by the Asian Development Bank, is intended to increase testing capacity, support vulnerable sectors like agriculture, and provide emergency assistance to poor households, according to a statement.Over 1 million small enterprises will also benefit from wage subsidies as part of the project, it said.The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sector entities deal with the pandemic.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/27/20/adb-approves-200-m-loan-to-philippines-for-covid-19-fight">ADB approves $200-M loan to Philippines for COVID-19 fight</a></li>	<li><a href="https://news.abs-cbn.com/business/05/11/20/philippines-covid-bangko-sentral-benjamin-diokno-supplementary-budget-new-economy">Philippines needs fresh budget for jobs, &#x27;new economy&#x27;: Bangko Sentral</a></li>	<li><a href="https://news.abs-cbn.com/news/05/26/20/house-deliberates-economic-stimulus-package-vs-covid-19-pandemic">House deliberates economic stimulus package vs COVID-19 pandemic</a></li></ul>

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $750 million loan to the Philippines to help the country cope with the coronavirus pandemic.

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $750 million loan to the Philippines to help the country cope with the coronavirus pandemic.