Finance Secretary Carlos Dominguez III
MANILA – Philippine finance officials are now in discussions for possible loan assistance from multilateral agencies for measures targeted to address any coronavirus disease 2019 (Covid-19) emergencies.
“(The) announcement by the WB (World Bank) is certainly welcomed,” Finance Secretary Carlos Dominguez III said in a Viber message to journalists Wednesday.
On Tuesday, the World Bank Group announced the allocation of up to USD12 billion immediate support to countries affected by Covid-19 to help address any economic and health impact of the epidemic.
In a statement, the multilateral lender said the fast-track package “will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies.”
Specifically, USD8 billion of the support package will be available “on a fast track basis” and this will come from the International Bank for Reconstruction and Development (IBRD), USD2.7 billion; and the International Development Association (IDA), USD1.3 billion.
The Bank said it will also source USD2 billion from reprioritization of its existing portfolio while USD6 billion will come from the International Finance Corporation (IFC), including USD2 billion from existing trade facilities.
Dominguez said the loan assistance will be earmarked for the Department of Health (DOH) “with emphasis of quick reactions to Covid-19 and similar events.”
The DOH has asked Congress for a PHP2-billion supplemental budget for the measures against Covid-19.
Dominguez said the loan package from WB will still be tapped even if Congress approves the supplemental budget that DOH has requested.
He added that while the government is implementing measures to address any increase of Covid-19 cases in the country and its impact on the economy, officials “have yet to determine the expected impact” as well as the appropriate response on the epidemic. (PNA)
