The Department of Finance (DOF) reported it has disbursed $19.8 billion of the total foreign loans and grants for coronavirus response of the Duterte administration.

DOF Building in Manila

Since the pandemic began last year, the government’s COVID-19 war chest from foreign financing and grant reached $22.51 billion, equivalent to P1.12 trillion.

Data from the DOF reveled that as of Sept. 5, the government raised a total of $20.06 billion in budgetary support financing from the Asian Development (ADB), World Bank, and Asian Infrastructure Investment Bank (AIIB).

The DOF also secured loans from Agence Fran̤aise de D̩veloppement (AFD), Japan International Cooperation Agency (JICA), and Korean Export-Import Bank РEconomic Development Cooperation Fund (KEXIM-EDCF).

Moreover, the government raised funds through the sale of foreign currency denominated global bonds.

In addition, DOF said grant and loan financing amounting $2.45 billion have been contracted in support of various projects to be implemented by agencies involved in COVID-19 response.


Source: Manila Bulletin (https://mb.com.ph/2021/09/09/foreign-financing-for-covid-19-response-hits-22-5-b/?utm_source=rss&utm_medium=rss&utm_campaign=foreign-financing-for-covid-19-response-hits-22-5-b)