The Philippines’ foreign borrowings plus the grants it received to finance COVID-19 response since the start of the pandemic have reached a combined $25.79 billion or P1.32 trillion, the DOF said. Read:
Also part of budgetary support financing were Agence Française de Développement’s $285.22-million disaster risk reduction enhancement at the local level program, as well as Export-Import Bank of Korea-Economic Development Cooperation Fund’s $100-million program loan for COVID-19 emergency response program .
On top of program loans, the Philippines secured $3.19 billion in project loan financing to fund specific projects, including the purchase of vaccines and boosters. Following the $1.2 billion it borrowed from the World Bank, the ADB, and the China-led Asian Infrastructure Investment Bank in March 2021 to buy vaccines, the Philippines obtained another $800 million from the same three development banks in December to purchase booster and pediatric shots.
The total of $2 billion in loans for vaccine procurement funded the unprogrammed appropriations set aside in last year’s and this year’s national budgets.For more information on COVID-19, call the DOH Hotline: 86517800 local 1149/1150. The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro current account #007960018860 or donate through PayMaya using this
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