PH secures $1.25B in loans for COVID-19 response

The Philippine government secured a total of $1.25 billion in loans from multilateral lenders to bolster its COVID-19 response.

The Asian Infrastructure Investment Bank (AIIB) approved a $750 million loan, part of a co-financing arrangement with the Asian Development Bank (ADB), for the Philippines' $2.25-billion COVID-19 active response and expenditure support program.

This loan will be used to increase testing capacity, provide emergency aid to poor households, and offer financial relief to small businesses and MSMEs.

The World Bank also approved a fresh $500 million policy loan with a maturity of 29 years and a 10.5-year grace period to support social assistance for vulnerable Filipinos affected by the pandemic.