FINANCING FOR COVID RESPONSE HITS $7.7B

FINANCING for the government’s coronavirus disease 2019 ( Covid-19) 2019 pandemic response has hit $7.76 billion as of July 1, according to the Department of Finance (DoF).

The Finance department said it $ 200- million Social Protection raised $7.63 billion in budgetary Support Project-Second Additional support financing from the Asian Financing, $400-million Support Development Bank (ADB), World to Capital Market Generated Infrastructure Bank (WB), Asian Infrastructure Financing, Subprogram 1 Investment Bank (AIIB), Finance and $500-million Expanded Social Development Program ( AFD), Assistance Program; WB’s $500-million Japan International Cooperation Third Disaster Risk Management Agency ( JICA) and US dollardenominated Development Policy Loan, global bonds, “of $500-million Emergency Covid-19 which $5.11 has been disbursed Response Development Policy to the government.” Loan and $200-million Social Welfare

Budgetary support financing Development and Reform includes ADB’s $ 1.50- billion Project II-Additional Financing; Covid- 19 Active Response and AIIB’s $750-million Covid-19 Active Expenditures Support Program, Response and Expenditure Support

Program; AFD’s $165.42-million Expanding Private Participation in Infrastructure Program, Subprogram 2 and $ 110.2- million Inclusive Finance Development Program, Subprogram 1; and JICA’s $458.95-million Covid-19 Crisis Response Emergency Support Loan.

The government also generated $2.35 billion from the dualtranche issuance of global bonds.

Grant assistance to the Philippines reached $26.36 million. It is composed of ADB’s $3-million Covid- 19 Emergency Response Project and $ 5- million Rapid Emergency Supplies Provision, and the $18.36 million from the Government of Japan Non-Project Grant Aid for the Provision of Medical Equipment to the Department of Health.

The DoF also raised $100 million from WB’s Covid-19 Emergency Response Project.

Earlier, the Department of Budget

and Management reported that releases related to the Covid-19 response of the government have reached P374.88 billion to date.

Meanwhile, the Palace said the government might tap funds from President Rodrigo Duterte’s office to compensate health workers who died or became severely ill.

Palace spokesman Harry Roque Jr. made the statement after the Department of Health said that it was looking for alternative sources of funds to compensate health workers.

Under Republic Act 11469 or the “Bayanihan to Heal As One Act,” the government must provide P100,000 compensation to public and private health workers who get infected with the coronavirus in the line of duty.

A compensation of P1 million will be given to the family of those who died.