Department of Finance data as of April 8, 2021 showed that total government loans for coronavirus response grew by USD2.1 billion (roughly P102.38 billion) in less than four months since December 15.
A total of USD1.2 billion (P58.5 billion)—or more than half of the amount—is for the procurement and deployment of COVID-19 vaccines.
Since 2020, the government has racked up a total of USD15.49 billion or about P755.32 billion for its COVID-19 pandemic response (using an exchange rate of USD1 = P48.75 per the Department of Budget and Management). Almost that whole amount—P754 billion or 99.83%—will come from loans from multilateral financing institutions and through the issuance of USD-denominated global bonds. A very small portion will come from grants.
The P58.5 billion in loans for coronavirus vaccine doses comprise three new loans—all signed last month—from the Asian Development Bank, the World Bank, and the Asian Infrastructure Investment Bank. They account for only eight percent of total government loans for COVID-19 response to date.
