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Duterte seeks $1-billion loan for coronavirus response
The Philippines is seeking to borrow $1 billion, approximately P51 billion, to fund its response to the coronavirus pandemic.
This new borrowing is in addition to a previously announced P27.1-billion package.
Finance Secretary Carlos G. Dominguez III confirmed that negotiations for the loan are underway, but did not specify the source of the funds.
The country also secured a $3 million grant from the Asian Development Bank for medical emergency supplies.
Additionally, the World Bank has earmarked a $100 million loan for the Department of Health to procure essential medical equipment and supplies.
Government revenues are projected to decrease by over P91 billion due to weakened economic activity, and the pandemic is expected to shave a full percentage point off the Philippines' economic growth in 2020, with the tourism sector being the hardest hit.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine government has launched a P27.1-billion economic relief and containment package to address the threat of COVID-19.
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The World Bank is providing a $100 million fast-track loan to the Department of Health (DOH) to aid in the Philippines' response to the COVID-19 pandemic.
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The Philippines, initially considered a model country in fighting COVID-19 with only 3 cases on February 27, has seen a dramatic surge in confirmed cases and deaths, reaching 230 cases and 18 deaths by March 20, with experts estimating potential cases to reach 75,000 by June if not contained.
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The Philippines will receive a $3-million grant from the Asian Development Bank (ADB) to purchase emergency medical supplies and equipment for its COVID-19 response.
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Congress is preparing to grant President Duterte emergency powers through the proposed "Bayanihan Act of 2020" (House Bill No. 6616) to combat the COVID-19 pandemic.
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