Gov't releases P132.3B for COVID-19 response

The Philippine government is actively seeking and allocating funds to address its response to the COVID-19 pandemic, having already released P132.3 billion.

These funds were sourced from pooled savings from discontinued programs and abandoned special purpose funds.

A significant portion, P100 billion, was allocated to the Department of Social Welfare and Development for its emergency subsidy program to assist 18 million low-income families.

Cities and municipalities received P30.823 billion as a 'Bayanihan grant' to bolster their local response capabilities.

The Department of Labor and Employment received P1.5 billion for its social amelioration programs targeting affected workers.

Additional allotments totaling P5.5 billion were released to departments like social welfare, health, and interior and local government for their COVID-19 response activities.

Various agencies have identified, reallocated, or remitted funds from their budgets, with the Land Bank of the Philippines remitting P63.6 billion in cash balances.

The Philippine Charity Sweepstakes Office has donated P290 million to COVID-19 referral hospitals and approved P447 million in financial assistance for 81 government hospitals.

The Department of Finance expressed confidence in the country's financial capacity to manage the pandemic, citing a strong credit rating, economic growth, and low debt-to-GDP ratio.

The Finance department has prepared a P1.17-trillion program for healthcare, relief, and economic stimulation, with the Central Bank providing P830 billion in liquidity.