Philippines Secures $13.3 Billion from Foreign Sources for Pandemic Response

The Philippine government secured $13.3 billion in grants and loans from foreign sources in order to finance its pandemic response, and is now seeking to raise $1.46 billion to finance the country’s vaccination programs.

Carlos G. Dominguez III, Finance Secretary, “We will fully recover from this crisis once a safe and effective vaccine becomes available to us, on the strength of our enduring macroeconomic fundamentals,”

Dominguez added, the ₱4.5 trillion national budget is the “most important and largest stimulus for the country’s road to recovery and will be crucial to attain the government’s 6.5% to 7.5% growth target for the year.”

Source: BusinessWorld