DOF economic bulletin on financing support for anti-COVID programs
As of January 14, 2022, the Philippines has borrowed ₱1.3 trillion and has received grants amounting to ₱2.7 billion to fund the anti-COVID-19 program along with 76.8 million doses of donated vaccines.
From 2020 to January 14, 2022, the National Government (NG) raised ₱559.08 billion from ROP bonds, ₱303.37 billion from Asian Development Bank (ADB), ₱291.95 billion from the World Bank (IBRD), ₱66.01 billion from Asian Infrastructure Investment Bank, ₱47.56 billion from Japan International Cooperation Agency (JICA), P28.96 billion from Agence Française de Dévelopement (AFD) and P10.15 billion from Export-Import Bank of Korea (KEXIM).
The NG also received a total of ₱2.7 billion in grants from three partners including WB-EU with ₱1.1 billion, Government of Japan with ₱1.3 billion and ADB with ₱406.2 million.
The country has received a total of 76.4 million doses of donated vaccines from bilateral donations and COVAX facility. A total of 85.5 percent of the total are from the COVAX facility and the 14.5 percent are from bilateral donations.
The loans and grants raised from bond auctions and grants helped the country in fighting the COVID-19 virus and were instrumental in restoring economic growth in 2021.
The loans will have to be repaid over a period of 40 years starting 2020. This will require a fiscal consolidation program and improved revenue collection.
The Filipino people are grateful to development partners who provided P2.7 billion in grants and 76.44 million doses of vaccines. DOF