The Philippines signed an agreement with the Asian Infrastructure Investment Bank for a loan of up to $750 million (P37.5 billion) to support the government’s efforts to contain the COVID-19 pandemic and augment the funds needed to address the health crisis.
AIIB earlier committed to co-finance with the Asian Development Bank the Philippines’ COVID-19 Active Response and Expenditure Support program, a quick-disbursing budget support facility designed to fund the government’s efforts to combat COVID-19 and mitigate the adverse impact of the contagion on the economy.
Finance Secretary Carlos Dominguez III and AIIB acting director general Rajat Misra signed the agreement on June 5.
“The loan package from the AIIB will help augment our funding requirements necessary to mitigate the severe negative impact of COVID-19 on our people and our economy. On behalf of the Philippine government, we thank the AIIB and president Jin Liqun for committing with the ADB to support the CARES program, which will go a long way in helping our people get back on their feet, and our economy recover and emerge stronger after the crisis,” Dominguez said.