Covid-19 response financing rises to over $13B

Financing for the government’s response to the coronavirus disease 2019 (Covid-19) pandemic has ballooned to $13.36 billion (roughly P642 billion) as of mid-December, the Department of Finance (DoF) reported on Wednesday.

Department of Finance

According to the department, it received $12.72 billion from the Asian Development Bank (ADB), World Bank, Asian Infrastructure Investment Bank, Finance Development Program, Japan International Cooperation Agency, Export-Import Bank of Korea, and US dollar-denominated global bonds. Of the amount, $6.86 billion has been disbursed.

The country also got $26.36 million in grant assistance, composed of the ADB’s $3-million Covid-19 Emergency Response Project and $5-million Rapid Emergency Supplies Provision, and $18.36 million from Japan.

The DoF also raised $615 million from the World Bank’s Covid-19 Emergency Response Project, Support to Parcelization of Lands for Individual Titling Project, and Philippines Beneficiary FIRST Social Protection Project; and the ADB’s $125-million Health System Enhancement to Address and Limit Covid-19 Program.

The Department of Budget and Management earlier reported that fund releases for the government’s Covid-19 response reached P498.5 billion.

Of this amount, P217.42 billion went to the Department of Social Welfare and Development for its Social Amelioration Program that helped 23 million low-income households.

Other departments that received more than P1 billion were the Departments of Labor and Employment with P28.98 billion; Health, P73.44 billion; Finance, P100.64 billion; Agriculture, P34.68 billion; Interior and Local Government, P4.31 billion; National Defense, P2.926 billion; Education, P14.91 billion; Trade and Industry, P1.3 billion; Public Works and Highways, P5.57 billion; and Transportation, P9.5 billion. The Commission on Higher Education received P3.3 billion.

Agencies and institutions that received less than P1 billion were the Departments of Science and Technology with P53.23 million; Office of the Presidential Adviser on the Peace Process, P50.5 million; state colleges and universities, P415 million, and Philippine Sports Commission, P180 million.

Finance Secretary Carlos Dominguez 3rd has said the government might borrow less than it planned this year because of the improving collection of revenue-generating agencies.

The government plans to borrow P3 trillion from domestic and external sources this year. The amount is 195 percent higher than last year’s P1.01 trillion.

Latest data showed that the national government’s gross borrowings already reached P3.22 trillion, but National Treasurer Rosalia de Leon said the figure “included the central bank’s advances, which we paid and proceeds from the switch program.”

“So we have not exceeded [the P3 trillion borrowing] program,” said de Leon.

Covid-19 response financing rises to over $13B

Financing for the government’s response to the coronavirus disease 2019 (Covid-19) pandemic has ballooned to $13.36 billion (roughly P642 billion) as of mid-December, the Department of Finance (DoF) reported on Wednesday.

According to the department, it received $12.72 billion from the Asian Development Bank (ADB), World Bank, Asian Infrastructure Investment Bank, Finance Development Program, Japan International Cooperation Agency, Export-Import Bank of Korea, and US dollar-denominated global bonds. Of the amount, $6.86 billion has been disbursed.

The country also got $26.36 million in grant assistance, composed of the ADB’s $3-million Covid-19 Emergency Response Project and $5-million Rapid Emergency Supplies Provision, and $18.36 million from Japan.

The DoF also raised $615 million from the World Bank’s Covid-19 Emergency Response Project, Support to Parcelization of Lands for Individual Titling Project, and Philippines Beneficiary FIRST Social Protection Project; and the ADB’s $125-million Health System Enhancement to Address and Limit Covid-19 Program.

The Department of Budget and Management earlier reported that fund releases for the government’s Covid-19 response reached P498.5 billion.

Of this amount, P217.42 billion went to the Department of Social Welfare and Development for its Social Amelioration Program that helped 23 million low-income households.

Other departments that received more than P1 billion were the Departments of Labor and Employment with P28.98 billion; Health, P73.44 billion; Finance, P100.64 billion; Agriculture, P34.68 billion; Interior and Local Government, P4.31 billion; National Defense, P2.926 billion; Education, P14.91 billion; Trade and Industry, P1.3 billion; Public Works and Highways, P5.57 billion; and Transportation, P9.5 billion. The Commission on Higher Education received P3.3 billion.

Agencies and institutions that received less than P1 billion were the Departments of Science and Technology with P53.23 million; Office of the Presidential Adviser on the Peace Process, P50.5 million; state colleges and universities, P415 million, and Philippine Sports Commission, P180 million.

Finance Secretary Carlos Dominguez 3rd has said the government might borrow less than it planned this year because of the improving collection of revenue-generating agencies.

The government plans to borrow P3 trillion from domestic and external sources this year. The amount is 195 percent higher than last year’s P1.01 trillion.

Latest data showed that the national government’s gross borrowings already reached P3.22 trillion, but National Treasurer Rosalia de Leon said the figure “included the central bank’s advances, which we paid and proceeds from the switch program.”

“So we have not exceeded [the P3 trillion borrowing] program,” said de Leon.

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