Financing Secured for COVID-19 Response (as of May 14, 2020)

The DOF has raised a total of USD4.75 billion in budgetary support financing from the ADB, World Bank, and USD-denominated global bonds, of which USD4.05 billion has been disbursed to the government. In addition, a total of USD108.00 million in grant and loan financing have been contracted in support of various projects to be implemented by agencies involved in COVID-19 response.


Particulars
Signing/Issuance Date
Amount
in USD million
Budgetary Support Financing
ADB COVID-19 Active Response and Expenditure Support 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
WB Third Disaster Risk Management Development Policy Loan
10-Apr-2020
(Effective: 27-Apr-2020)
500.00
ROP Bonds Due 2045 with 2.950% coupon
5-May-2020

1,350.00
ROP Bonds Due 2030 with 2.457% coupon
5-May-2020
1,000.00
WB Social Welfare Development and Reform Project II - Additional Financing*
28-Nov-2019
(Effective: 6-Jan-2020)

200.00
Subtotal, Budgetary Support Financing4,750.00
Grant Assistance
ADB COVID-19 Emergency Response Project
16-Mar-2020
3.00
ADB Rapid Emergency Supplies Provision**
27-Mar-2020
5.00
Subtotal, Grant Assistance8.00
Project Loan Financing
WB COVID-19 Emergency Response Project
28-Apr-2020
(Effective: 6-May-2020)
100.00
Subtotal, Project Loan Financing100.00
TOTAL4,858.00
*Total loan amount is USD300.00 million, of which USD200.00 million is availed for budgetary support purposes in light of COVID-19 response
**Executed through the issuance of a no-objection letter dated March 27, 2020

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


FLAGSHIP PROJECTS



Department of Finance