Philippine News Agency
PH, WB sign $500-M loan accord to fight coronavirus
The Department of Finance announced that a $500 million loan from the World Bank will be used by the Duterte administration for accelerated disbursement to fund relief programs and strengthen the healthcare system.
Finance Secretary Carlos G. Dominguez III stated that the loan will bolster the government's efforts to provide instant relief to the poor and other hardest-hit sectors.
The loan agreement, signed on April 10, is the third Risk Management Development Policy Loan (TRMDPL) between the Philippines and the World Bank, aimed at enhancing disaster and health emergency response capabilities.
The $500 million loan is programmed for accelerated disbursement by April 30, 2020, to support the immediate financing needs arising from the COVID-19 crisis.
The loan has a repayment period of 29 years, including a 10.5-year grace period.
According to the World Bank, the loan will support policy reforms in disaster risk management, including an emergency cash transfer program.
The funding will also support a unified disaster rehabilitation and recovery planning framework for national and local governments, investment plans for seismic risk reduction, and integrated hazard and risk analysis in physical planning.
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The World Bank has approved a $500-million loan to support the Philippines' capacity building in addressing the COVID-19 pandemic and strengthening disaster risk response and recovery programs.
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The Philippine government aims to raise P1.17 trillion, equivalent to 5% to 6% of the country's GDP, to fund its COVID-19 response and mitigate economic effects.
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The United States has provided an additional US$5.3 million (approximately P269 million) in humanitarian aid to the Philippines, bringing the total US assistance for COVID-19 efforts to US$9.3 million (more than P470 million).
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Senator Imee Marcos proposed a temporary suspension of the Philippines' debt payments to allocate funds for cash aid to individuals and companies affected by the enhanced community quarantine due to the COVID-19 pandemic.
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