By GENALYN D. KABILING
The country has secured a $500-million loan facility from Japan to augment funds for government efforts to respond to the coronavirus pandemic, Malacañang announced yesterday.
The latest financial assistance was announced by Finance Secretary Carlos Dominguez III during a meeting with President Duterte and other members of the government task force on coronavirus response last Tuesday night, according to presidential spokesman Harry Roque.
“Mayroon tayong bagong nakuhang loans na ni-report ni Secretary Dominguez. Ito ay isang $500-million loan from Japan na ang interest ay 1/100 of 1 percent, halos libre,” Roque said.
“Sabi nga ni Secretary Dominguez, dapat siguro na personal na pasalamatan ng ating Pangulo si Prime Minister Abe,” he added.
The Palace announced last week the government has so far raised $5.8 billion in financial support from foreign lenders to bankroll its efforts against the pandemic and strengthen the country’s economic resilience. The foreign loans included those from Asian Development Bank, World Bank, Asian Infrastructure Investment Bank, and the Agence Française de Développementof France.
Of the financing obtained from development partners, the Department of Finance recently said around US$2.26 billion has been disbursed for government programs.
According to Roque, the President is expected to ask Congress to convene a special session to facilitate the passage of the proposed Bayanihan II law. He added that the executive branch and the lawmakers have almost finished their “negotiations” for an acceptable stimulus package to jumpstart the country’s battered economy.
The administration bill will include a proposed P10-billion subsidy for expanded testing, P17-billion subsidy to support the public transportation sector, and P15-billion cash-for-work program that may be used for the hiring of 50,000 contact tracers.
“Dahil halos tapos na ang kanilang kasunduan, hindi na magtatagal ay hihingi na ng special session ang ehekutibo para maisabatas ang Bayanihan II package,” Roque said.
