For COVID-19 response to the new coronavirus pandemic, Republic the Philippine government has secured more than $5,758 billion in foreign lending.
Presidential spokesperson Harry Roque said funding for the COVID-19 response came from the Asian Bank for Development and the World Bank.
Finance Secretary Carlos Dominguez III said earlier that $2.26 billion has already been disbursed. It was in previous foreign borrowing to that end.
The finance department said it was raising more funds through domestic. In addition, it was foreign borrowing to respond to the pandemic. Due to the country enjoys low and concessional interest rates in its investment-grade credit ranking.
Minority Leader Franklin Drilon in the Senate said the administration would continue borrowing funds. It aims to finance its pandemic-focused initiatives. In addition, it improved the economy even though the country’s credit rating might be put at risk.
Earlier this month, Congress adjourned its first regular session without passing the controversial Bayanihan recovery bill for COVID-19. It included a P1.3 trillion-dollar economic stimulus package.
The country needs funds to hire contact tracers, provide health workers with incentives to stay on in their jobs, buy personal protective equipment, provide businesses with stimulus funds, and bring home displaced Filipino workers across the country, Drilon said.
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