MANILA, Philippines—The $1.2 billion in loans secured by the Philippines from multilateral institutions to buy vaccines have inflated total borrowings and grants for COVID-19 response to $15.49 billion, or more than P750 billion to date, the Department of Finance (DOF) said.
The updated list of financing that the DOF obtained to boost the Philippines’ COVID-19 war chest as of April 8 included loans amounting to $500 million from the Washington-based World Bank, $400 million from the Manila-based Asian Development Bank (ADB) and $300 million from the Beijing-based Asian Infrastructure Investment Bank (AIIB).
All three new loans were signed by Finance Secretary …
Keep on reading: DOF: Over P752B in loans, grants secured to fight COVID-19