In addition to budget support from foreign lenders, the Philippines has also received grants and loans totalling US$108 million to support the various projects that will be implemented by the agencies involved in Covid-19`s response. Of the $108 million, project loans amounted to $100 million, while the remaining $8 million was for grants. The Bureau of Local Government Finance and some of the country`s major banks have signed an agreement to strengthen the borrowing financing of local government entities through the exchange and exchange of information. This will not only speed up the preparation and planning phase of the loan application, but will also achieve a more relevant and responsive lending objective. THE DOF borrowed $9.29 billion in budget support from the ADB, the World Bank, AIIB, AFD, JICA and USD-denominated global bonds, of which $7.93 billion went to the government. In addition, a total of $621.36 million in grants and loans have been provided to support various projects that will be implemented by the organizations involved in COVID-19`s response. The amount of the loan, which is expected to be fully paid by the government in June, is not yet included in the $5.758 billion financing agreements published on its website by the Ministry of Finance (DOF). DOF ASA and DOF Subsea AS are pleased to announce that each company has entered into the suspension agreements (“stand-sti… The Secretary of State for Finance, Mark Dennis Y.C. Joven, director of the International Finance Group of the DOF, told BusinessMirror that they were still in talks with multilateral lenders such as the Asian Development Bank and AIIB, as well as with the bilateral partners of Japan and France on other potential financing arrangements for the Covid 19 responses. Only the USD 100 million loan agreement with the World Bank for a Covid-19 emergency response project has so far been identified as part of project loan financing.
On June 4, the Treasury said in a separate report that it had borrowed $5.65 billion in fiscal support from the Asian Development Bank (ADB), the World Bank and the issuance of 10-year and 25-year dollar-denominated bonds. Budget support of $5.65 billion includes three afDB loans ($2.1 billion), three World Bank loans ($1.2 billion) and the sale of global bonds at $2.35 billion for 10 years and $25 billion in dollars. Documents containing these loan contracts and grants were made available on the DOF website. AIIB`s co-financing for the CARES program is the second loan it has granted to the Philippines. In April, the Philippines and manila`s ADB signed two loan agreements: US$1.5 billion COVID-19 Active Response and Expenditure Support Program and US$200 million in social protection support – Second additional funding. The $4.75 billion in budgetary assistance previously borrowed by the DOF for COVID-19 included two loans from the Asian Development Bank (ADB), two World Bank loans and the sale of U.S. dollar-denominated bonds off the coast. . With regard to the construction phase of the PNR South Long Haul project, the project management board will carry out: (i) the preparation of projects and tasks for the work, rolling stock and electromechanical system; (ii) preparation of tender documents and tendering assistance; (iii) construction monitoring; and (iv) control of the liability of defects.