Gov't aims P436B in foreign loans for pandemic

The Philippine government aims to raise around P436 billion in foreign loans for its COVID-19 response and economic recovery efforts.

As of Thursday, the government has secured over $5.758 billion from the Asian Development Bank and World Bank for pandemic-related expenses.

Finance Secretary Carlos Dominguez III stated that $2.26 billion have already been disbursed for this purpose.

Senate Minority Leader Franklin Drilon supports taking out more loans to fund the COVID-19 response, emphasizing the need to leverage the country's good credit rating to access international financing programs.