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PH COVID-19 loans hit P1.4 T

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The prolonged pandemic has brought unprecedented economic challenges worldwide. In the Philippines, the COVID-19 crisis has wiped out the country’s gains over the past years as it incurred a staggering P1.4-trillion loan to fight the pandemic.

Two years in, the virus remains very unpredictable and the government already suffered hefty tax losses from this pandemic-induced economic slump that also resulted in the rise in debt.

For this reason, debt of the government as of end-November 2021 ballooned to P11.93 trillion, or P3.24 trillion more than the P8.48 trillion outstanding loans at end-March last year. The Duterte administration also tapped the commercial debt markets by selling IOUs to foreign creditors. According to Dominguez, $19.8 billion of the total borrowed amount had been disbursed to bridge the budget deficit since March of last year, while about $1.2 billion of the $2.4 billion loans were used to purchase laboratory equipment, medical supplies and vaccines.

 

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