PH Seeks $1-B Loan to Triple War Chest Against COVID-19

The Philippines is seeking one billion dollars in loans which would nearly triple its war chest in the fight against COVID-19, including the 27-billion-peso package unveiled by President Rodrigo Duterte’s economic team.

Finance Secretary Carlos Dominguez III said Tuesday that “negotiations for one-billion-dollar loans for combating COVID-19 were still in process,” but he declined to say with which lenders.

The Philippines already secured a three-million-dollar grant from the Manila-based multilateral lender Asian Development Bank, to be spent to buy additional medical emergency supplies.

Socioeconomic Planning Secretary Ernesto M. Pernia said it was “too early” to determine the impact on the Philippine economy of the Luzon-wide “enhanced” community quarantine.

Last week, Pernia said the earlier announced community quarantine covering Metro Manila would only have an “ephemeral hit on the economy, at most.”

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