To be paid until 2049: Philippines secures total of P386.6 billion for COVID-19 response

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To be paid until 2049: Philippines secures total of P386.6 billion for COVID-19 response
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To be paid until 2049: Philippines secures total of P386.6 billion for COVID19 response

MANILA - The Philippines has secured approximately P386.6 billion in loans, grants, and the issuance of bonds for its coronavirus pandemic response, fresh data from the Department of Finance show.

For loans, nearly all of the amount will come from the Asian Development Bank , World Bank, Asian Infrastructure Investment Bank , Japan International Cooperation Agency , Agence Francaise de Developpement , and through the issuance of bonds. The $26.36 million in grants will meanwhile come from the following: $18.36 million from the Government of Japan for the provision of medical equipment to the Department of Health, and $8 million from ADB for the COVID-19 Emergency Response Project and for 2-week food baskets for up to 55,000 vulnerable families in Metro Manila.

In March, Congress granted Duterte special powers to tap some P275 billion in unused government funds to address the crisis.

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