Philippine Loans For COVID-19 Response Reach $5.8 Billion
How much money has the Philippines borrowed to respond to COVID-19? That’s the question on everyone’s mind. According to the Department of Finance, the Philippines has borrowed $5.758 billion or around P288 billion.
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This amount is as of June 4, according to presidential spokesperson Harry Roque Jr., who made the announcement earlier on Thursday, June 25.
Here’s a breakdown of all Philippine COVID-19-related loans:
Most of the financing is being sourced through the Asian Development Bank, World Bank, and Philippine bonds.
These loans do not account for the internally sourced funds from the national budget allocated by the Department of Budget and Management. The government has set aside P353.56 billion to fund the social amelioration program, small business wage subsidies, and more.
Meanwhile, the national debt is at P8.6 trillion.