The National Economic and Development Authority (NEDA) said the announcement of the United States it will suspend for 90 days almost all of its foreign aid to countries will have no impact to the economy and infrastructure projects in the short-term.

In an interview at an event of the Department of Budget and Management in Pasay City Monday, NEDA Secretary Arsenio Balisacan said most of the government's loans are with other countries and multilateral lending institutions.

He said while the Philippines benefits from multiple grants from the US, he said it only forms a "small part of the economy."

"It’s number one [in terms of grants]. A bit significant, not in a bigger scheme of things in terms of the total amount of a dollar revenues we get from outside, that’s quite small," Balisacan said.

NEDA also said most of the government's infrastructure projects are funded by Japan, South Korea, Asian Development Bank (ADB), and World Bank.

The suspension, however, can have indirect impact to the country in the medium term, according to Balisacan.

News reports said the US State Department has decided to suspend almost all of US foreign aid by 90 days due to review. DMS