The previously announced $400-million loan agreement between the Philippines and the Asian Development Bank (ADB) — aimed to support the government’s efforts to strengthen domestic capital markets as the country recovers from the economic fallout from by the coronavirus disease 2019 (Covid-19) pandemic — was already signed.

In a statement on Friday, the Department of Finance (DoF) announced that the deal for the Support to Capital Market Generated Infrastructure Financing, Subprogram 1 (SCMGIF1) was signed on Thursday by Finance Secretary Carlos Dominguez 3rd and ADB Country Director for the Philippines Kelly Bird.