Duterte: Philippines got $9.91B in loans, grants for COVID-19 response

Some $9.91 billion worth of loans and grants has been secured so far by the Philippines to help address the COVID-19 pandemic, President Rodrigo Duterte told Congress on Monday.

Duterte made the disclosure in connection with the implementation of the Bayanihan to Recover as One Act (Republic Act 11494), which mandates the President to submit a monthly progress report to Congress and the Commission on Audit.

“As of October 2, 2020, the Department of Finance has secured $9.91 billion in budgetary support financing,” Duterte said in his report.

Of this amount, $9.29 billion was secured from the Asian Development Bank (ADB), World Bank (WB), Asian Infrastructure Investment Bank, Agence Française de Développement, Japan International Cooperation Agency (JICA), and the dual-tranche issuance of US dollar-denominated global bonds.

A total of $621.36 million in grant and loan financing from the ADB, WB, and JICA will go to the implementation of COVID-19-related projects.

The President also reported that the Department of Budget and Management has released P3.5 billion to agencies for COVID-19 response.

These include the hiring and training of contact tracers (P2.52 billion), replenishment of the 2020 quick response fund of the Department of Public Works and Highways (P994.74 million) and budget support for Secretary Carlito Galvez Jr’s task as the chief implementer of the government’s COVID-19 response (P28.37 million).

Duterte signed the Bayanihan 2 law on September 11. -NB, GMA News