Financing Secured for COVID-19 Response
(as of January 14, 2022)
(as of January 14, 2022)
The DOF has raised a total of USD22.55 billion in budgetary support financing from the ADB, World Bank, AIIB, AFD, JICA, KEXIM-EDCF and foreign currency denominated global bonds. In addition, grant and loan financing amounting to a total of USD3.25 billion have been contracted in support of various projects to be implemented by agencies involved in COVID-19 response.
| Particulars | Amount in USD million |
|
|---|---|---|
| Budgetary Support Financing | ||
| 2020 and 2023 Contracted Financing | ||
| WB Third Disaster Risk Management Development Policy Loan (DLP) | (Effective: 27-Apr-2020) | 500.00 |
| ADB COVID-19 Active Response and Expenditure Support (CARES) Program | (Effective: 27-Apr-2020) | 1,500.00 |
| ADB Social Protection Support Project - Second Additional Financing | (Effective: 5-May-2020) | 200.00 |
| ROP USD Bonds Due 2045 (2.950% coupon) | 1,350.00 | |
| ROP USD Bonds Due 2030 (2.457% coupon) | 1,000.00 | |
| WB Emergency COVID-19 Response DPL | (Effective: 19-Jun-2020) | 500.00 |
| ADB Support to Capital Market Generated Infrastructure Financing, Subprogram 1 | (Effective: 29-Jun-2020) | 400.00 |
| AIIB CARES Program | (Effective: 30-Jun-2020) | 750.00 |
| AFD Expanding Private Participation in Infrastructure Program, Subprogram 2[a] | (Effective: 7-Aug-2020) | 171.13 |
| AFD Inclusive Finance Development Program, Subprogram 1[b] | (Effective: 7-Aug-2020) | 114.09 |
| ADB Expanded Social Assistance Program | (Effective: 21-Jul-2020) | 500.00 |
| JICA COVID-19 Crisis Response Emergency Support Loan[c] | (Effective: 11-Aug-2020) | 468.39 |
| ADB Competitive and Inclusive Agriculture Development Program, Subprogram 1 | (Effective: 16-Sep-2020) | 400.00 |
| ADB Inclusive Finance Development Program, Subprogram 2 | (Effective: 30-Sep-2020) | 300.00 |
| JICA Post Disaster Standby Loan (Phase 2)[d] | (Effective: 15-Oct-2020) | 468.39 |
| ADB Disaster Resilience Improvement Program[e] | (Effective: 26-Oct-2020 | 500.00 |
| KEXIM-EDCF Program Loan for COVID-19 Emergency Response Program | (Effective: 7-Dec-2020) | 100.00 |
| WB Philippines Beneficiary FIRST Social Protection Project | (Effective: 14-Jan-2021) | 580.00 |
| ROP USD Bonds Due 2045 (2.650% coupon) | 1,500.00 | |
| ROP USD Bonds Due 2031 (1.648% coupon) | 1,250.00 | |
| WB Promoting Competitiveness and Enhancing Resilience to Natural Disasters Subprogram 2 DPL | (Effective 16-Feb-2021) | 600.00 |
| ROP Bonds Due 2024 (0.001% coupon)[f] | 515.24 | |
| ROP Bonds Due 2025 (0.250% coupon)[g] | 741.58 | |
| ROP Bonds Due 2033 (1.200% coupon)[g] | 741.58 | |
| ROP Bonds Due 2041 (1.750% coupon)[h] | 912.71 | |
| ROP Bonds Due 2032 (1.95% coupon) | 750.0 | |
| ROP Bonds Due 2046 (3.20% coupon) | 2,250.00 | |
| WB Philippines First Financial Sector Reform Development Policy Loan | 400.00 | |
| ADB Facilitating Youth School-to-Work Transition Program, Subprogram 3 | 400.00 | |
| ADB Local Governance Reform Program, Subprogram 2 | (Effective: 17-Dec-2021) | 400.00 |
| WB Philippines Fourth Disaster Risk Management Development Policy Loan with a Catastrophe Drawdown Option (CAT-DDO4) | (Effective: 22-Dec-2021) | 500.00 |
| AFD Disaster Risk Reduction Enhancement at the Local Level Program[i] | (Effective: 27-Dec-2021)) | 285.22 |
| ADB Build Universal Health Care Program | 600.00 | |
| WB Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan, Subprogram 3 | (Effective: 5-January-2022) | 600.00 |
| KEXIM-EDCF Program Loan for COVID-19 Emergency Response Program II-Vaccination Program (PLCERP II) | (Effective: 27-Dec-2021) | 100.0 |
| JICA COVID-19 Crisis Response Emergency Support Loan (Phase 2) | (Effective: 30-Jun-2022) | 230.40 |
| AFD Climate Change Action Program (CCAP), Sub-program 1 | 163.35 | |
| Post Disaster Stand-by Loan Phase 3 (PDSL 3) | (Effective: TBD) | 204.00 |
| Subtotal, 2020-2023 Contracted Financing | 22,946.08 | |
| Previously Contracted Financing | ||
| WB Social Welfare Development and Reform Project II - Additional Financing (AF)[j] | (Effective: 6-Jan-2020) | 200.00 |
| Subtotal, Previously Contracted Financing | 200.00 | |
| Subtotal, Budgetary Support Financing | 23,146.08 | |
| Grant Assistance | ||
| ADB COVID-19 Emergency Response Project | 3.00 | |
| ADB Rapid Emergency Supplies Provision[k] | 5.00 | |
| Government of Japan Non-Project Grant Aid for the Provision of Medical Equipment to DOH[l] | 18.74 | |
| GOJ Programme Grant for COVID-19 Crisis Response Emergency Support (DOH)[m] | 6.44 | |
| WB-EU Second Additional Financing for Philippine Rural Development Project (PRDP-AF2)[n][o] | (Effective: 24-Sep-2021) | 20.88 |
| Subtotal, Grant Assistance | 54.06 | |
| Project Loan Financing | ||
WB Philippines COVID-19 Emergency Response Project (PCERP) | (Effective: 6-May-2020) | 100.00 |
| WB Support to Parcelization of Lands for Individual Titling Project | (Effective: 9-Oct-2020) | 370.00 |
| ADB Health System Enhancement to Address and Limit COVID-19 (HEAL) | (Effective: 13-Oct-2020) | 125.00 |
| WB Philippines Beneficiary FIRST Social Protection Project | (Effective: 14-Jan-2021) | 20.00 |
| WB AF for the KALAHI CIDSS National Community Driven Development Project (NCDDP) | (Effective: 26-Feb-2021) | 300.00 |
| WB PCERP-AF* | (Effective: 31-Mar-2021 | 500.00 |
| ADB Second HEAL under the Asia Pacific Vaccine Access Facility (HEAL 2)* | (Effective: 15-Apr-2021) | 400.00 |
| AIIB HEAL 2* | (Effective: 10-May-2021) | 300.00 |
| WB PRDP-AF2[o] | (Effective: 24-Sep-2021) | 280.00 |
| ADB HEAL 2-AF* | 250.00 | |
| AIIB HEAL 2-AF* | 250.00 | |
| WB PCERP-AF2* | 300.00 | |
| Subtotal, Loan Financing | 3,195.00 | |
| TOTAL | 26,395.14 | |
[a]Amount in original currency: EUR150.00 million [b]Amount in original currency: EUR100.00 million [c]Amount in original currency: JPY50.00 billion [d]Amount in original currency: JPY50.00 billion; disbursement is contingent on pre-agreed triggers including the declaration of a state of calamity as a result of a natural or health-related disaster, declaration of a public health emergency, and imposition of an enhanced community quarantine or its functional equivalent. [e]For disbursement, a Disaster Event shall have occurred and in connection therewith: (i) for a natural hazard, the President has declared a state of calamity or taken equivalent measures; and (ii) for a health related emergency, the Borrower has enacted a law in response to a public health emergency, or the President has (a) declared a state of public health emergency, or (b) taken an equivalent measure including issuance of a proclamation or an executive order declaring or describing a worsening health situation, or imposing an enhanced community quarantine or its functional equivalent [f]Amount in original currency: JPY55.00 billion [g]]Amount in original currency: EUR650.00 million [h]Amount in original currency: EUR800.00 million [i]Amount in original currency: EUR250.00 million [j]Total loan amount is USD300.00 million, of which USD200.00 million is availed for budgetary support purposes in light of COVID-19 response [k]Executed through the issuance of a no-objection letter dated March 27, 2020 [l]Provided through Exchange of Notes dated June 8, 2020; Amount in original currency: JPY2.00 billion; Agent Agreement which will provide basis for procurement was signed on January 21, 2021 [m]Amount in original currency: JPY687 million [n]WB-IBRD is the administrator of the European Union (EU) Philippine Rural Development Project (PRDP) Single-Donor Trust Fund [o]The second additional financing for the retrofitting of the PRDP aims to address the threats and impacts of the COVID-19 pandemic by assisting vulnerable farmers and fisherfolk, and contribute to the overall food resiliency of the country *For vaccine procurement |
||
Other Financing Contracted
| Particulars | Amount in USD million | |
|---|---|---|
| KEXIM-EDCF Philippines-Korea Project Preparation Facility | (Effective: 15-Jun-2020) | 50.00 |
| ROP EUR Bonds Due 2023 (0.000% coupon)[a] | 684.54 | |
| ROP EUR Bonds Due 2029 (0.700% coupon)[a] | 684.54 | |
| JICA Metro Manila Priority Bridges Seismic Improvement Project (II)[b] | (Effective: 14-Jul-2020 | 41.30 |
| JICA Davao City Bypass Construction Project (II)[c] | (Effective: 2-Sep-2020 | 326.28 |
| JICA Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project[d] | (Effective: 2-Sep-2020) | 1,116.88 |
| ADB Local Governance Reform Project | (Effective: 3-Aug-2020) | 26.53 |
| ADB Angat Water Transmission Improvement Project - Additional Financing[e] | (Effective: 20-Nov-2020 | 126.02 |
| WB Philippines Customs Modernization Project | (Effective: 28-Jan-21) | 88.28 |
| ADB EDSA Greenways Project | (Effective: 2-Mar-2021) | 123.00 |
| AIF EDSA Greenways Project | (Effective: 2-Mar-2021) | 15.0 |
| JICA Second Tranche Loan for the Metro Manila Subway Project (Phase 1) | (Effective: 27-May-2022) | 1945.40 |
| KEXIM-EDCF The Engineering Service for Panay-Guimaras-Negros Island Bridge Project | (Effective: 14-Nov-2022) | 56.61 |
| TOTAL | 5,234.38 | |
[a]Amount in original currency: EUR600.00 million [b]Amount in original currency: JPY4.409 billion [c]Amount in original currency: JPY34.83 billion [d]Amount in original currency: JPY119.225 billion [e]Guaranteed loan; Borrower: MWSS |
||
Key points from the press briefing held on March 27, 2019 regarding loan agreements that the country has entered into:
- There are no collaterals in any of the loan agreements signed by the Philippine government.
- A waiver of immunity is standard across loan agreements the Philippines has signed, whether explicitly stated or implied via an agreement to arbitral proceedings. A waiver of immunity only allows the Philippines' counterparty in an agreement to take the country to arbitration, in the unlikely event that the Philippines defaults on its loans.
- Arbitral rulings are still subject to the Philippine Constitution, court system and public policy.
- The Philippine government is managing its debt responsibly.
For more information, visit the following posts debunking common misconcepcions on loan agreements:
-
» What you need to know about the Kaliwa Dam Project and Official Development Assistance from China
» Mga karagdagang impormasyon tungkol sa loan agreements para sa Chico River Irrigation Project at Kaliwa Dam
Summary of Infrastructure Flagship Projects (IFPs) funded in part through Official Development Assistance (ODA) with signed agreements
Loading...
Reload document 
Open in new tab Flagship Projects
DPWH
The Project aims to provide a resilient, reliable transportation network and a safer and faster alternative to motorists traveling from NCR to Regions IV-A. It is expected to enhance the internal circulation, mobility, and external linkages of the areas surrounding the NCR, particularly Laguna, Rizal, Cavite, and Batangas.
Said Project will involve the construction of primary roads with a length of 37.5-kilometers (km) composed of a 12.0km viaduct from Lower Bicutan to Tunasan and a 25.5km shoreline viaduct with an embankment from Tunasan to Calamba.”