President Rodrigo Duterte says the move will be his last resort if the government runs out of money to pay off loans and fund programs to respond to the coronavirus outbreak. COVID19PH
,” Duterte said, referring to the popular question asked online.Before Duterte issued his remarks, Finance Secretary Carlos Dominguez III said the country will be borrowing some $5.6 billion from the Asian Development Bank and World Bank if government funds are not enough to fund programs during the outbreak.
Dominguez said the Bangko Sentral ng Pilipinas has provided some P830 billion in liquidity as he gave assurances the Philippines had the money to fight the pandemic. Despite this, he stressed funds should be spent judiciously with priority given to the country’s poorest families, small and medium enterprises, and companies supported by buyers.were available for the government’s response to the outbreak and its major programs such as the P200 billion social amelioration program provided for in the Bayanihan law.and logistical gaps – is huge, considering cash will need to be released to families immediately.
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