Follow us for updates
© 2020
Read the Story →

The Philippines Is Looking to Make More Foreign Loans to Fight COVID-19

With the pandemic far from over, we need all the financial help we can get.
by Clara Rosales
Jul 8, 2020
Photo/s: Pixabay / florantevaldez

The Philippines has taken several foreign loans from different institutions, and while you might think that’s enough money to help beat the pandemic, it seems we still need more money. The Department of Finance said on July 8 that the government is still negotiating loans.

According to DOF Secretary Carlos Dominguez, the Philippines is still looking to borrow from our bilateral and multilateral partners.

“We will not disclose the names and the terms until they are completed,” he said.

When asked if we would still borrow money for COVID-19 efforts, Dominguez said the government has the goal of raising P436 billion or roughly $8.72 billion in foreign loans.

So how far are we into that goal?

As of writing, the government has raised a total of $7.761 billion in loans from the following institutions: Asian Development Bank, World Bank, Asian Infrastructure Investment Bank, Japan International Cooperation Agency, and Agence Française de Développement as well as the issuance of global bonds.

Continue reading below ↓

Of that amount, $5.11 billion has been disbursed to the government.

If we’re talking grand total, the Philippines has borrowed P1.22 trillion from January to April 2020, not just for COVID-19 efforts, but also for other projects such as the Build, Build, Build program, and other economic relief projects.

Latest Headlines
more about:
Read Next
Recent News
The news. So what? Subscribe to the newsletter that explains what the news means for you.
The email address you entered is invalid.
Thank you for signing up to On Three, reportr's weekly newsletter delivered to your mailbox three times a week. Only the latest, most useful and most insightful reads.
By signing up to newsletter, you agree to our Terms of Service and Privacy Policy.