The Philippine government and the Asian Development Bank (ADB) have signed the previously announced $500-million loan agreement that aimed to boost the former’s conditional cash-transfer program amid the coronavirus disease 2019 (Covid-19) pandemic.

In a statement on Wednesday, the Department of Finance (DoF) said the deal on the Expanded Social Assistance Project was signed on Monday by Finance Secretary Carlos Dominguez 3rd and ADB Country Director for the Philippines Kelly Bird.