MANILA, Philippines—The Asian Development Bank is willing to increase its financial assistance to countries in Asia-Pacific that will be adversely affected by the recent disasters in Japan.
The multilateral agency has acknowledged that the recent earthquake and tsunami in Japan will have a negative impact not only on the Japanese economy but also on other economies in the region that depend on Japan for aid and investments.
“As the extent of the loss of life and damage is still being assessed, ADB will also monitor the impacts of the earthquake and tsunamis in Japan on other countries in the Asia and Pacific region and will be ready to offer its assistance,” ADB said in a statement.
ADB usually follows a multiyear financial assistance program to member countries. But given the calamities in Japan, ADB said it was willing to make its loan programs flexible to accommodate projects to offset the adverse impact of the disasters in Japan on the local economy.
Japan is one of the major export markets of the Philippines.
Latest data from the National Statistics Office showed that in January, Japan was the Philippines’ third-biggest export market, accounting for 14 percent of the $4-billion export earnings during the month.
Japan, through the Japan International Cooperation Agency, is also the country’s biggest provider of official development assistance.
So far, the Aquino administration’s economic team has not indicated plans to adjust its growth projections following the disaster in Japan.
ADB said the disaster in Japan came at a time when the Asia-Pacific region is grappling with other challenges, such as rising prices of oil and food.
Given this, ADB said, there should be concerted effort among government policymakers and foreign lenders to help sustain robust growth for the region despite the challenges.
“We are concerned about the current high level of food prices, resurgence in food price volatility and inflationary pressure from rising food prices. We took note of the different national measures being taken to ensure food sufficiency but believe concerted actions at a global and regional level are needed,” ADB said in a separate statement.