Through its International Finance Group, the DOF said that it was able to secure last year $7.73 billion from multilateral lenders, $2.86 billion from the country's bilateral partners, and $6.47 billion from the commercial markets.
"Because of a higher emergency funding requirement in light of COVID-19, the amount of external financing contracted in 2020 increased by 75.43 percent year-on-year. This also represents an overall 33-percent expansion of the external borrowing program from 2016 to 2020," said Finance Usec. Mark Dennis Joven in a statement.
"In 2020, the IFG also facilitated the provision of various donations, such as testing kits, masks, personal protective equipment , ventilators, face shields, and others, from China," said Joven.
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