Financing Secured for COVID-19 Response (as of September 18, 2020)

The DOF has raised a total of USD8.79 billion in budgetary support financing from the ADB, World Bank, AIIB, AFD, JICA, and USD-denominated global bonds, of which USD7.55 billion has been disbursed to the government. In addition, a total of USD621.36 million in grant and loan financing have been provided 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
WB Third Disaster Risk Management Development Policy Loan
10-Apr-2020
(Effective: 27-Apr-2020)
500.00
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
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 Emergency COVID-19 Response Development Policy Loan
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)
165.42
AFD Inclusive Finance Development Program, Subprogram 1[b]
9-Jun-2020
(Effective: 7-Aug-2020)
110.28
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)
458.95
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
300.00
JICA Post Disaster Standby Loan (Phase 2)[d]
15-Sep-2020
458.95
WB Social Welfare Development and Reform Project II - Additional Financing[e]
28-Nov-2019
(Effective: 6-Jan-2020)
200.00
Subtotal, Budgetary Support Financing8,793.60
Grant Assistance
ADB COVID-19 Emergency Response Project
16-Mar-2020
3.00
ADB Rapid Emergency Supplies Provision[f]
27-Mar-2020
5.00
Government of Japan Non-Project Grant Aid for the Provision of Medical Equipment to DOH[g]
8-Jun-2020
18.36
Subtotal, Grant Assistance26.36
Project Loan Financing
WB COVID-19 Emergency Response Project
28-Apr-2020
(Effective: 6-May-2020)
100.00
WB Support to Parcelization of Lands for Individual Titling Project
14-Jul-2020
370.00
ADB Health System Enhancement to Address and Limit COVID-19 Program
8-Sep-2020
125.00
Subtotal, Project Loan Financing595.00
TOTAL9,414.96

[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]Total loan amount is USD300.00 million, of which USD200.00 million is availed for budgetary support purposes in light of COVID-19 response
[f]Executed through the issuance of a no-objection letter dated March 27, 2020
[g]Provided through Exchange of Notes dated June 8, 2020; Amount in original currency: JPY2.00 billion; Agent Agreement which will provide basis for procurement is yet to be signed

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