Philippines secures $5.7b loans for COVID-19 response
The Philippines has secured $5.7 billion loans and grants to finance the government's efforts to address the crisis brought by coronavirus disease pandemic.
In a virtual press briefing, Presidential Spokesperson Harry Roque said bulk of the total $5.758 billion comprised of loans, with grants only amounting to $8 million.
"We have already borrowed 5,758,000,000 dollars. That's the total amount of our loans for COVID responses," he said.
Roque was quoting a report of the Department of Finance, showing that the "financing secured for COVID-19 response" as of June 4.
The $8 million grant assistance composed of COVID-19 Emergency Response Project ($3 million) and Rapid Emergency Supplies Provision ($5 million) came from the Asian Development Bank both secured in March.
The budgetary support financing include $1.5 billion ADB COVID-19 Active Response and Expenditure Support Program; $200 million ADB Social Protection Support Project - Second Additional Financing; $500 million World Bank Third Disaster Risk Management Development Policy Loan; $1.35 billion ROP (Republic of the Philippines) Bonds Due 2045 with 2.950 percent coupon; $1 billion ROP Bonds Due 2030 with 2.457 percent coupon;
$500 million World Bank Emergency COVID-19 Response Development Policy Loan; $400 million ADB Support to Captal Market Generated Infrastructure Financing, Subprogram I; $200 million WB Social Welfare Development and Regorm Project II - Additional Financing; and a project loan financing of $100 million from WB COVID-19 Emergency Response Project.
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