Connect with us

Hi, what are you looking for?


Foreign loan availments to fund pandemic measures hit $15.5 billion

FOREIGN LOANS availed of by the government to finance its pandemic containment rose to $15.493 billion as of April 8, mainly due to external debt taken on for the mass vaccination program, the Finance department said.

Based on the update issued Monday, total loans incurred as a result of the coronavirus disease 2019 (COVID-19) increased from the $14.29 billion tally on March 17, with the inclusion of some $1.2 billion in new loans to procure vaccines.

The three new loans are $500 million from the World Bank and $400 million from the Asian Development Bank which were signed on March 19, and $300 million from the Asian Infrastructure Investment Bank, which was signed on March 26.

The government tapped multilateral banks to plug the funding gap for its mass vaccination program worth P72.5 billion, to vaccinate 70 million citizens by year’s end.

Under the loan agreements, the banks will directly pay vaccine manufacturers and assist in the delivery of the shipments. The government will have to shoulder transportation and other administrative costs in distributing the vaccines and the inoculation program.

The government has been tapping the global debt markets to support its pandemic response, including vaccination, testing capacity, health system upgrades, and cash aid to low-income families and the worst-hit industries.

It is planning to raise P3 trillion this year from domestic and external lenders to help fund its budget deficit, which is expected to hit 8.9% of gross domestic product.

Official estimates indicate that the government’s debt stock will rise further to P11.98 trillion by the end of 2021. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Diego Gabriel C. Robles THE COUNTRY’S Socioeconomic Planning chief on Monday belittled the peso’s free fall against the dollar, saying there is nothing...


By Kyle Aristophere T. Atienza, Reporter SAN MIGUEL CORP. would proceed with building an international airport north of the Philippine capital even after a...


FELIPE M. MEDALLA / COURTESY OF BANGKO SENTRAL NG PILIPINAS PHILIPPINE CENTRAL BANK Governor Felipe M. Medalla would continue the “game-changing” reforms of the...


RAZON-LED Prime Infrastructure Capital, Inc. through its unit WawaJVCo, Inc. announced that it completed the Tayabasan weir, which is the first phase of its...


FRUITAS Holdings, Inc. plans to use part of its one-time gain from selling existing shares in subsidiary Balai ni Fruitas, Inc. to fund its...


LISTED construction company Megawide Construction Corp. announced on Monday that it secured its eighth contract with housing developer PHirst Park Homes, Inc. (PPHI). Under...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.