DOF, WB sign $100M loan for COVID-19 response

The Philippine Department of Finance (DOF) and the World Bank (WB) have signed a $100-million loan agreement to bolster the country's response to the COVID-19 pandemic.

This loan, known as the COVID-19 Emergency Response Project (ERP), will support the Department of Health (DOH) in enhancing healthcare response, laboratory capacity, and procurement of essential medical supplies.

The project aims to strengthen national and sub-national laboratories for disease prevention and preparedness, including retrofitting facilities like the Research Institute for Tropical Medicine (RITM).

Funds will be used for the acquisition of medical and laboratory equipment, personal protective equipment (PPEs), medicines, ambulances, and isolation facilities.

The World Bank may also provide assistance in accessing supply chains through its Bank-Facilitated Procurement (BFP) to address disruptions.

Additionally, the project will support the DOH in developing design standards for hospital isolation and treatment centers nationwide.

The loan has a maturity period of 29 years, including a 10.5-year grace period, and requires no counterpart funding from the Philippine government.

Project implementation is expected to begin in early May.