Financing Secured for COVID-19 Response (as of June 25, 2021)

The DOF has raised a total of USD16.26 billion in budgetary support financing from the ADB, World Bank, AIIB, AFD, JICA, KEXIM-EDCF and foreign currency denominated global bonds, of which USD15.60 billion has been disbursed to the government. In addition, grant and loan financing amounting to a total of USD2.14 billion have been contracted in support of various projects to be implemented by agencies involved in COVID-19 response. Figures are rebased to reflect 2020 average exchange rates.


Particulars
Signing/Issuance Date
Amount
in USD million
Budgetary Support Financing
2020 Contracted Financing
WB Third Disaster Risk Management Development Policy Loan (DLP)
10-Apr-2020
(Effective: 27-Apr-2020)
500.00
ADB COVID-19 Active Response and Expenditure Support (CARES) Program
23-Apr-2020
(Effective: 27-Apr-2020)
1,500.00
ADB Social Protection Support Project - Second Additional Financing
28-Apr-2020
(Effective: 5-May-2020)
200.00
ROP USD Bonds Due 2045 (2.950% coupon)
5-May-2020
1,350.00
ROP USD Bonds Due 2030 (2.457% coupon)
5-May-2020
1,000.00
WB Emergency COVID-19 Response DPL
3-Jun-2020
(Effective: 19-Jun-2020)
500.00
ADB Support to Capital Market Generated Infrastructure Financing, Subprogram 1
4-June-2020
(Effective: 29-Jun-2020)
400.00
AIIB CARES Program
5-Jun-2020
(Effective: 30-Jun-2020)
750.00
AFD Expanding Private Participation in Infrastructure Program, Subprogram 2[a]
9 Jun-2020
(Effective: 7-Aug-2020)
171.13
AFD Inclusive Finance Development Program, Subprogram 1[b]
9-Jun-2020
(Effective: 7-Aug-2020)
114.09
ADB Expanded Social Assistance Program
15-Jun-2020
(Effective: 21-Jul-2020)
500.00
JICA COVID-19 Crisis Response Emergency Support Loan[c]
1-Jul-2020
(Effective: 11-Aug-2020)
468.39
ADB Competitive and Inclusive Agriculture Development Program, Subprogram 1
20-Aug-2020
(Effective: 16-Sep-2020)
400.00
ADB Inclusive Finance Development Program, Subprogram 2
27-Aug-2020
(Effective: 30-Sep-2020)
300.00
JICA Post Disaster Standby Loan (Phase 2)[d]
15-Sep-2020
(Effective: 15-Oct-2020)
468.39
ADB Disaster Resilience Improvement Program[e]
15-Sep-2020
(Effective: 26-Oct-2020
500.00
KEXIM-EDCF Program Loan for COVID-19 Emergency Response Program
29-Oct-2020
(Effective: 7-Dec-2020)
100.00
WB Philippines Beneficiary FIRST Social Protection Project
10-Nov-2020
(Effective: 14-Jan-2021)
580.00
ROP USD Bonds Due 2045 (2.650% coupon)
10-Dec-2020
1,500.00
ROP USD Bonds Due 2031 (1.648% coupon)
10-Dec-2020
1,250.00
WB Promoting Competitiveness and Enhancing Resilience to Natural Disasters Subprogram 2 DPL
21-Dec-2020
(Effective 16-Feb-2021)
600.00
ROP Bonds Due 2024 (0.001% coupon)[f]
13-Apr-2021
515.24
ROP Bonds Due 2025 (0.250% coupon)[g]
28-Apr-2021
741.58
ROP Bonds Due 2033 (1.200% coupon)[g]
28-Apr-2021
741.58
ROP Bonds Due 2041 (1.750% coupon)[h]
28-Apr-2021
912.71
Subtotal, 2020 Contracted Financing16,063.11
Previously Contracted Financing
WB Social Welfare Development and Reform Project II - Additional Financing[i]
28-Nov-2019
(Effective: 6-Jan-2020)
200.00
Subtotal, Previously Contracted Financing200.00
Subtotal, Budgetary Support Financing16,263.11
Grant Assistance
ADB COVID-19 Emergency Response Project
16-Mar-2020
3.00
ADB Rapid Emergency Supplies Provision[j]
27-Mar-2020
5.00
Government of Japan Non-Project Grant Aid for the Provision of Medical Equipment to DOH[k]
8-Jun-2020
18.74
Subtotal, Grant Assistance26.74
Project Loan Financing

WB Philippines COVID-19 Emergency Response Project (PCERP)
28-Apr-2020
(Effective: 6-May-2020)
100.00
WB Support to Parcelization of Lands for Individual Titling Project
14-Jul-2020
(Effective: 9-Oct-2020)
370.00
ADB Health System Enhancement to Address and Limit COVID-19 (HEAL)
8-Sep-2020
(Effective: 13-Oct-2020)
125.00
WB Philippines Beneficiary FIRST Social Protection Project
10-Nov-2020
(Effective: 14-Jan-2021)
20.00
WB Additional Financing for the KALAHI CIDSS National Community Driven Development Project (NCDDP)
21-Dec-2020
300.00
WB Additional Financing for the PCERP*
19-Mar-2021
(Effective: 31-Mar-2021
500.00
ADB Second HEAL under the Asia Pacific Vaccine Access Facility (HEAL 2)*
19-Mar-2021
400.00
AIIB HEAL 2*
26-Mar-2021
300.00
Subtotal, Project Loan Financing2,115.0
TOTAL18,404.85

[a]Amount in original currency: EUR150.00 million
[b]Amount in original currency: EUR100.00 million
[c]Amount in original currency: JPY50.00 billion
[d]Amount in original currency: JPY50.00 billion; disbursement is contingent on pre-agreed triggers including the declaration of a state of calamity as a result of a natural or health-related disaster, declaration of a public health emergency, and imposition of an enhanced community quarantine or its functional equivalent.
[e]For disbursement, a Disaster Event shall have occurred and in connection therewith: (i) for a natural hazard, the President has declared a state of calamity or taken equivalent measures; and (ii) for a health related emergency, the Borrower has enacted a law in response to a public health emergency, or the President has (a) declared a state of public health emergency, or (b) taken an equivalent measure including issuance of a proclamation or an executive order declaring or describing a worsening health situation, or imposing an enhanced community quarantine or its functional equivalent
[f]Amount in original currency: JPY55.00 billion
[g]Amount in original currency: EUR650.00 million
[h]Amount in original currency: EUR800.00 million
[i]Total loan amount is USD300.00 million, of which USD200.00 million is availed for budgetary support purposes in light of COVID-19 response
[j]Executed through the issuance of a no-objection letter dated March 27, 2020
[k]Provided through Exchange of Notes dated June 8, 2020; Amount in original currency: JPY2.00 billion; Agent Agreement which will provide basis for procurement was signed on January 21, 2021.
*For vaccine procurement


Other Financing Contracted in 2020

Particulars
Signing Date
Amount in USD million
KEXIM-EDCF Philippines-Korea Project Preparation Facility
23-Jan-2020
(Effective: 15-Jun-2020)
50.00
ROP EUR Bonds Due 2023 (0.000% coupon)[a]
3-Feb-2020
684.54
ROP EUR Bonds Due 2029 (0.700% coupon)[a]
3-Feb-2020
684.54
JICA Metro Manila Priority Bridges Seismic Improvement Project (II)[b]
30-Mar-2020
(Effective: 14-Jul-2020
41.30
JICA Davao City Bypass Construction Project (II)[c]
16-Jun-2020
(Effective: 2-Sep-2020
326.28
JICA Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project[d]
16-Jun-2020
(Effective: 2-Sep-2020)
1,116.88
ADB Local Governance Reform Project
1-July 2020
(Effective: 3-Aug-2020)
26.53
ADB Angat Water Transmission Improvement Project - Additional Financing[e]
13-October-2020
(Effective: 20-Nov-2020
126.02
WB Philippines Customs Modernization Project
3-December-2020
(Effective: 28-Jan-21)
88.28
ADB EDSA Greenways Project
29-December-2020
(Effective: 2-Mar-2021)
123.00
AIF EDSA Greenways Project
29-December-2020
(Effective: 2-Mar-2021)
15.0
TOTAL3,282.37

[a]Amount in original currency: EUR600.00 million
[b]Amount in original currency: JPY4.409 billion
[c]Amount in original currency: JPY34.83 billion
[d]Amount in original currency: JPY119.225 billion
[e]Guaranteed loan; Borrower: MWSS

Key points from the press briefing held on March 27, 2019 regarding loan agreements that the country has entered into:

  1. There are no collaterals in any of the loan agreements signed by the Philippine government.
  2. A waiver of immunity is standard across loan agreements the Philippines has signed, whether explicitly stated or implied via an agreement to arbitral proceedings. A waiver of immunity only allows the Philippines' counterparty in an agreement to take the country to arbitration, in the unlikely event that the Philippines defaults on its loans.
  3. Arbitral rulings are still subject to the Philippine Constitution, court system and public policy.
  4. The Philippine government is managing its debt responsibly.




Summary of Infrastructure Flagship Projects (IFPs) funded in part through Official Development Assistance (ODA) with signed agreements

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FLAGSHIP PROJECTS



Department of Finance