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Manila Bulletin devider Philippines devider National devider COA: Pandemic increased 2020 external debt to P472.57-B

COA: Pandemic increased 2020 external debt to P472.57-B

Published Sep 4, 2021 07:12 pm

Government programs that sought to address the 2019 coronavirus disease (COVID-19) pandemic ‘contributed greatly to the net increase” of P472.572 billion in the country’s external debt in 2020, the Commission on Audit (COA) has revealed.

COVID 19 tests

In its 2020 Consolidated Audit Report on the Official Development Assistance (ODA) loans, COA disclosed that only 393 out of 955 recommendations aimed at addressing adverse audit findings were implemented by government in executing programs and projects funded out of the ODA in 2019.

COA disclosed in the recently-released report that ODA has reached P1.40 trillion for the year.

ODA is a loan or grant administered with the objective of promoting sustainable social and economic development and welfare of the country, COA said.

The occurrence of the Coronavirus Disease 2019 (COVID-19) pandemic pandemic contributed greatly to the net increase of P472.572 billion in external debt for calendar year 2020 as the government entered into several quick-disbursing loans, in addition to the loans for other priority projects to respond to the heath and socio-economic impact of the pandemic,” the state audit agency said.

In the report submitted by COA Chairman Michael Aguinaldo, the agency said government contracted 34 ODA loans in 2020 that totaled P532.600 billion and sourced from three multilateral and three bilateral development partners.

"Out of the 34 ODA loan, 25 loans totaling P438.025.76 million were secured to finance the support of the GoP in battling the COVID-19 pandemic,”it was reported.

A total P94.574 billion in loan was taken to finance nine projects for various infrastructure and governance and institutions development (GID) implemented by various government agencies and the Metropolitan Waterworks and Sewerage System.

According to COA the 2020 ODA availment of "P418.709.40 million from 74 loans were higher by P291.154.79 million or 228.26 percent as compared to the 2019 level." “On the other hand, as at December 31, 2020, the GoP also received 251 ODA grants totaling P81.049.81 million from various countries and multilateral institutions to finance projects,” the audit report said.

COA said: “Out of the total, 36 grants were received in CY 2020 with a total grand amount of P9.244.49 million from nine donor countries and multilateral institutions of which seven grants were COVID-19 related.” Of the 87 loan funded programs and projects, 21 have been implemented in 2020, nine still unimplemented and 57 were still on-going during the year.

For the 251 grant fund projects, only 26 were finished in 2020 while 224 were still being completed. Only one was not implemented.

Related Tags

COVID-19 pandemic external debt ODA Commission on Audit (COA)
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