According to bank documents, this AIIB funding "will help lessen the adverse impacts of COVID-19 on the population's health and economic opportunities by providing budgetary support to the government's COVID-19 Response Program." The CARES program is proposed to be supported under AIIB's COVID-19 Crisis Recovery Facility and cofinanced with the Asian Development Bank (ADB) as a policy-based loan under its Countercyclical Support Facility COVID-19 Pandemic Response Option.
The program is expected to have the following outputs: (i) by May 2020, an increase in testing capacity to 8,000 per day; (ii) by July 2020, the average turn-around time from sample collection to results reduced to 48 hours or less; (iii) by July 2020, all health care workers, of which 75 percent are female, and all COVID19 cases covered with Philippine Health Insurance Corporation inpatient and primary care COVID-19 related benefits; (iv) by July 2020, conditional cash transfers and emergency subsidy support provided to 4.4 million vulnerable households; (v) by July 2020, emergency subsidy support provided for 13.6 million households; (vi) by December 2020, USD600 million of economic stimulus and support provided to highly affected and vulnerable sectors including agriculture; (vii) by December 2020, wage subsidies provided for at least 1 million micro, small, and medium-sized enterprises (MSMEs) (of which 58 percent are registered to women); and (viii) by December 2020, tax relief provided for at least 1 million MSMEs (of which 58 percent are registered to women).
This project will be co-financed with the Asian Development Bank, which will be the lead financer.
Soon Sik-Lee / Principal Investment Operations Specialist (Transport) / email@example.com
Asian Development Bank
Robert Boothe / Senior Public Management Specialist / firstname.lastname@example.org
Mark Dennis Y.C. Joven / Undersecretary, Department of Finance, Republic of the Philippines / email@example.com
ACCOUNTABILITY MECHANISM OF AIIB
The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.