Gov't secures $9.91-B loans, grants for fight against COVID-19

The government’s war chest to mitigate the impact of the COVID-19 pandemic just got bigger. Around $9.91 billion in loans and grants have so far been secured by the government from foreign lenders to bankroll various projects of agencies involved in the coronavirus response.

- GENALYN KABILING

President Duterte bared the latest update on the government’s financing support in his first monthly report to Congress on the implementation of the Bayanihan 2 law.

“As of 02, October 2020, the Department of Finance has secured USD9.91 billion in budgetary support financing,” Duterte said in his report to Congress.

Of the amount, Duterte said $9.29 billion was secured from the Asian Development Bank (ADB), World Bank (WB), Asian Infrastructure Investment Bank, Agence Française de Développpement, Japan International Cooperation Agency (JICA), and the dual-tranche issuance of USD-denominated global bonds.

A total of $621.36 million in grant and loan financing from the ADB, WB, and JICA, meantime, have been contracted for the implementation of COVID-19 specific projects.

The programs supported by foreign lenders ranged from COVID-19 active response support, social assistance, infrastructure support, agriculture development, disaster resilience, disaster risk management, and provision of medical equipment.