As of mid-July, the war chest of the Philippines against the COVID-19 crisis inched up to $21.05 billion (about P1.04 trillion).
On the other hand, there was still smaller than most of its Southeast Asian neighbors. It was separated into a comparatively larger population.
The COVID-19 policy database of the Asian Development Bank ( ADB), compiled by the Department of Economic Research and Regional Cooperation of the Manila-based multilateral lender.
The Philippines’ war chest against the COVID-19 crisis inched up to $21.05 billion (about P1.04 trillion) as of mid-July, although still lower than most of its Southeast Asian neighbors when divided among the relatively bigger population.
ADB COVID-19 Policy Showed the Fact
The Asian Development Bank’s (ADB) COVID-19 policy database compiled by the Manila-based multilateral lender’s economic research and regional cooperation department.
It showed the country’s COVID-19 package as of July 13 further rose from $20.1 billion in June. Then, $19.8 billion in May and $16.5 billion in April.
The authors of the ADB database led by Jesus Felipe included the sum of the measures that provided liquidity, encouraged credit creation in financial sectors, and directly funded households, businesses, and local governments reeling from the pandemic.
To date, the Bangko Sentral ng Pilipinas (BSP) has received liquidity support to cross P264.7 billion.
Loan guarantees made available to hit small businesses badly amounted to P120 billion.
Meanwhile, direct long-term loans to companies, producers, fishermen, schools, and local governments added P18.5 billion.
The ADB database also noted other uncategorized economic initiatives. It included the P145-billion fiscal stimulus package pending in Congress under the controversial “Bayanihan 2.”
The steps taken by the Philippines to counter COVID-19 were equal to 5.72 percent of gross domestic product.
If divided among the population, the package per capita was $197.33 or P9,700 for every Filipino.
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