The government’s war chest to mitigate the impact of the COVID19 pandemic just got bigger.
Around $9.91 billion in loans and grants have so far been secured by the government from foreign lenders to bankroll various projects of agencies involved in the coronavirus response.
(ALBERTO ALCAIN/ PRESIDENTIAL PHOTO / MANILA BULLETIN)
President Duterte bared the latest update on the government’s financing support in his first monthly report to Congress on the implementation of the Bayanihan 2 law.
“As of 02, October 2020, the Department of Finance has secured USD9.91 billion in budgetary support financing,” Duterte said in his report to Congress.
Of the amount, Duterte said $9.29 billion was secured from the Asian Development Bank (ADB), World Bank (WB), Asian Infrastructure Investment Bank, Agence Française de Développpement, Japan International Cooperation Agency (JICA), and the dual-tranche issuance of USDdenominated global bonds.
A total of $621.36 million in grant and loan financing from the ADB, WB, and JICA, meantime, have been contracted for the implementation of COVID-19 specific projects.
The programs supported by foreign lenders ranged from COVID-19 active response support, social assistance, infrastructure support, agriculture development, disaster resilience, disaster risk management, and provision of medical equipment.
On other budgetary measures to fund COVID-19 efforts, the President said the Bureau of Treasury has issued certifications of additional revenues and availability of funds worth at least P140 billion for the implementation of Bayanihan 2 law.
Republic Act No. 11494, the Bayanihan to Recover as One Act, was signed by the President last month. It aims to bankroll the government’s various response and recovery programs amid the coronavirus outbreak.
As of Oct. 1, Duterte said the Department of Budget and Management has released ₱3.5 billion to concerned state departments for COVID-related programs, activities and projects. He said the Department of Interior and Local Government has been given ₱2.5 billion for the hiring and training of contact tracers.
The Department of Public Works and Highways (DPWH) received ₱994.7 million for the replenishment of its 2020 quick response fund while the Office of the Presidential Adviser on the Peace Process received ₱28.3 million to support the role and engagement of Secretary Carlito Galvez Jr. as chief implementer of the national plan against COVID-19.
Bayanihan 2 funds
President Duterte assured the public that the funds for the implementation of the Bayanihan to Recover As One (Bayanihan 2) Act will be spent wisely.
In his late-night public address on Monday, President Duterte said he made sure that not a single peso went to the pockets of government people in the implementation of the first Bayanihan Act which expired in June this year.
“I assure you that it was spent wisely; it was spent according to rules. Sinigurado ko ‘yan (I made sure of that) at the start,” he said.
“Walang hong ano d’yan, sindikato. Wala hong – sabihin mo na may – nakawan (There was no syndicate there or corruption, if you may call it),” he added.
The President vowed that the government will be careful with the implementation of the Bayanihan 2. “We will be careful with the next round of a Bayanihan ,” Duterte said.
“There’s still money to be, well, given to the people, to the poor,” he added.
President Duterte signed the Bayanihan 2 into law on September 11.
The measure provides for a ₱165.5-billion fund for the government’s COVID-19 response efforts.
The stimulus plan consists of P140 billion worth of regular appropriations and an additional standby fund of ₱25.5 billion.
In his first report to Congress on the implementation of Bayanihan 2, President Duterte said the government will enhance its efforts to strengthen its capabilities to implement programs.
Under the Bayanihan 2, the government aims to reduce the adverse socioeconomic impact of the disease and enhance the capacity of the country’s healthcare system to control and eliminate COVID-19.
The government likewise aims to accelerate the recovery and bolster the resilience of the Philippine economy and enhance fiscal and monetary policies to sustain COVID-19 measures. (With a report from Argyll Cyrus B. Geducos)