MANILA - The Asian Development Bank (ADB) said it is ready to provide any needed assistance to the Philippines as the country bears the brunt of tropical storm "Ondoy" (international code name Ketsana).

In a statement released Tuesday, the multilateral lender said it may extend the Asia Pacific Disaster Response Fund, an emergency facility that covers immediate costs of damages caused by natural calamities.

"We are closely monitoring the situation and stand ready to assist," ADB President Haruhiko Kuroda said.

On top of this, the ADB said it is in contact with the United Nations to ensure that its efforts are coordinated with those of the international community and other development partners.

Meanwhile, Kuroda expressed his sympathy towards families who lost their properties and loved ones due to the typhoon.

"I am deeply saddened by the tragic loss of lives, suffering, and damage caused by floods as a result of the heavy rains that have suddenly and relentlessly hit Manila and nearby provinces over the past weekend," he said.

Devastating floods and landslides in Luzon caused by "Ondoy" have left 240 dead and nearly 40 people missing as of Tuesday morning, according to the National Disaster Coordinating Council. Of the said number of fatalities, 101 people came from Metro Manila and 88 from Rizal province.

The government has already declared a suspension of classes until Saturday for students at the tertiary level in Metro Manila and other areas placed under a state of calamity.

Both state-run agencies and private organizations continue to conduct relief operations in storm-hit areas as families suffer from lack of food, water, clothing, and shelter.