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NEDA pushes for reopening of economy once virus surge subsides

PHILIPPINE STAR/ MICHAEL VARCAS
The number of jobless Filipinos increased to 4.187 million in February from 3.953 million in January, based on latest official data. — Photo by Michael Varcas, The Philippine Star

The National Economic and Development Authority (NEDA) said on Saturday there is a need to safely reopen the economy once the surge in coronavirus disease 2019 (COVID-19) infections starts to subside in order to restore jobs.

“To accelerate job creation this year, a three-pronged strategy is advocated. First, the safe reopening of the economy immediately after this present spike, while still strictly adhering to public health protocols and intensifying the ‘prevent, detect, isolate, treat and recover’ strategies,” Socioeconomic Planning Secretary Karl Kendrick T. Chua during the government’s Jobs Summit that was held to mark Labor Day.

Mr. Chua said managing the risks and economic shocks of the coronavirus pandemic is key to improving current labor market conditions.

The number of jobless Filipinos increased to 4.187 million in February from 3.953 million in January, based on latest official data. This is equivalent to 8.8% unemployment rate in February, against the 8.7% recorded the month before.

“To reduce uncertainty due to policy actions in addressing COVID-19, all of us in the government and private sector and the whole country need to rally behind the goal of safely reopening the economy,” NEDA’s Mr. Chua said.

He said the task force handling the government’s pandemic response will remain transparent and use data to support decisions on future quarantine measures.

The second strictest form of lockdown was extended for another two weeks in Metro Manila, Bulacan, Cavite, Laguna and Rizal as COVID-19 cases remain elevated. The government started tightening quarantine measures in the region again in late-March amid surging coronavirus cases.

The Health department on Saturday reported 9,226 new COVID-19 cases, bringing the number of current active COVID-19 cases to 72,248.

In the same forum, Asian Development Bank Country Director for the Philippines Kelly Bird warned that the pandemic’s impact on the economy may leave a longer and lasting adverse effect on the labor market, where wages and employment in the formal sector have yet to be fully restored as the economy recovers.

“This may arise because a slow recovery would lead to diminished productive capacity in lost jobs, some sectors like tourism may take time to recover, businesses may shift to digital technologies, reshaping work, and the pandemic may accelerate the shift to automation. Consequently, job seekers and unemployed workers may be out of work for longer periods and become less employable,” Mr. Bird said

However, the government’s 2021-2022 National Employment Recovery Strategy (NERS), a medium-term plan to create jobs and help in reskilling of workers, should help address the long-term challenges poised by the pandemic, Mr. Bird said.

The executive order (EO) for the NERS was scheduled to be signed during the event but due to time constraints, the actual signing of the order is “to follow soon,” said Trade Secretary Ramon M. Lopez in a Viber message.

A proposed P24-billion wage subsidy program for employees of small businesses is included in the medium-term plan, as it aims to save jobs for one million targeted beneficiaries.

The NERS has a P1.14 trillion budget, which already includes other programs and projects of various government agencies aiming to create more jobs and help in worker reskilling from this year to 2022.

Aside from reopening the economy, NEDA’s Mr. Chua said the government also has to fully implement the recovery package crafted to prop up growth this year. This includes the P4.5-trillion spending plan for 2021, the extended validity of last year’s budget and the P165-billion second stimulus program.

The government has said it is looking for more funds to support a third stimulus package that will not breach the deficit cap equivalent to 8.9% of gross domestic product (GDP) this year.

Mr. Chua said “timely implementation” of the mass vaccination program will also help restore jobs as it will boost consumer confidence and business activities.

The government aims to bring down the unemployment rate to 7-9% this year and in 2022, from 10.2% last year.

Gov’t places Ifugao under MECQ; Puerto Princesa added to GCQ areas

The government is placing the province of Ifugao under the second strictest lockdown level — modified enhanced community quarantine (MECQ) — from May 1 to 14, while the city of Puerto Princesa in Palawan has been placed under general community quarantine (GCQ) for the whole month of May.

The Ifugao and Puerto Princesa lockdowns were requested by provincial authorities, presidential spokesman Herminio L. Roque, Jr. said in a televised news briefing on Friday.

Mr. Roque said the Covid-19 taskforce also shortened the length of time that Quirino province and Santiago City in Cagayan Valley and Abra province in the Cordillera Administrative Region  would be under modified lockdown to just two weeks from the original month. 

The National Capital Region Plus (composed of Metro Manila, Bulacan, Cavite, Laguna and Rizal ) will remain under MECQ until May 14.

“Health promotion and strict enforcement of minimum public health standards in all areas, especially their uniform implementation in high-risk areas, must continue,” Mr. Roque said in a statement. “These areas include the healthcare settings, wet markets, supermarkets, government offices, workplaces, and at home, among others.”

He said local governments were authorized to implement localized lockdowns to prevent community transmission.

Mr. Roque said the taskforce also allowed personal care services to operate at an initial 30% capacity and restaurants to offer indoor dining at an initial 10%capacity in areas under MECQ.

In a related development, Mr. Roque said the Philippines will lift its ban on the entry of foreign nationals — except for those coming from India or with a history of travel to the country — starting on May 1. He said inbound passengers must have a valid and existing visa “except for those under Balikbayan Program.”

Travellers must also have pre-booked accommodations for at least seven nights in an accredited quarantine hotel or facility. They must be tested in their quarantine facility “on the sixth day from the date of their arrival.”

The Philippines imposed a travel ban on India from April 29 to May 14 as the South Asian country suffers under a second wave of coronavirus infections. — Kyle Aristophere T. Atienza

COVID case tally up 8,000

The health department on Friday reported over 8,000 new cases of the coronavirus disease 2019 (COVID-19).

In a statement released on Friday, the Department of Health (DoH) said that as of April 30, it recorded 8,748 new cases of the virus. This brings the total number of positive cases in the country since the pandemic began to 1,037,460.

The DoH said of the total number, 73,908 are active cases. Over 95% of the active cases are categorized as mild while 1.7% were asymptomatic. The DoH said that 1.3% of the active cases were severe, 1% were critical, and 0.87% were moderate.

The DoH also added 89 deaths to its tally, bringing the total death count since the pandemic started to 17,234.

The number of new recoveries is 4,143, bringing the total number of recoveries since the pandemic started to 946,318. 

In terms of healthcare capacity in the country, the DoH reported that 64% of ICU beds are being utilized while 51% ward beds were occupied and 42% of isolation beds were being used. 

The DoH data showed that 71% of ICU beds in Metro Manila are being used as are 62% of ward beds and 51% of isolation beds; 55% of ventilators in the region are also in use.

Private sector to donate vaccines to gov’t if COVAX supplies delayed

PHILIPPINE STAR/ MICHAEL VARCAS

Anti-parasitic not a substitute for vaccines says ivermectin advocate

Presidential Adviser for Entrepreneurship Jose Ma. “Joey” Concepcion III said that the private sector would prioritize donating 500,000 AstraZeneca doses to the government if deliveries from the COVAX global facility to the Philippine government are delayed.

The Philippines has already received more than 500,000 AstraZeneca doses from the facility, which were used to inoculate medical frontliners. The second dose of the AstraZeneca vaccine should be given four to 12 weeks after the first.

Mr. Concepcion leads the Dose of Hope initiative which helped procure AstraZeneca COVID-19 vaccines through tripartite agreements with the private sector and local governments. Of the doses bought by businesses, half are to go to their employees first and the second half will be donated to the government.

“(The government’s) worry is that if COVAX does not deliver sometime (in) May, what will happen to their doses? They need it at least by June, the second shot,” Mr. Concepcion said at the Vaccine Summit: Equitable Distribution and Safety on Friday. The summit was organized by the International Chamber of Commerce Philippines, Philippine Chamber of Commerce and Industry, and the International Chamber of Commerce.

“Since (vaccine czar Carlito G. Galvez, Jr.) allowed us to take our… purchase first and our donation will be back-ended, they requested and asked me if we can help them with 500,000 doses for those that took already their first dose and of course we said yes, we would support them.”

The vaccines from Dose of Hope will be given to the government first if the COVAX deliveries do not arrive by June, he said.

Mr. Concepcion told the House Committees on Health and Trade and Industry last week that the private sector would vaccinate its own employees before donating shots to the government.

COVAX deliveries were delayed and possibly reduced due to a global shortage, the World Health Organization said.

COVAX — COVID-19 Vaccines Global Access — is a global initiative aimed at equitable access to COVID-19 vaccines led by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations, and the World Health Organization.

IVERMECTIN PRESCRIPTIONS

Meanwhile, Concerned Doctors and Citizens of the Philippines head Allan Landrito, an advocate of the antiparasitic drug ivermectin, said at the same Vaccine Summit that the contentious drug is not a substitute for a COVID-19 vaccine. “These are two different things. You cannot compare treatment with vaccines,” he said, but went on to note that, “in terms of very effective treatment of handling COVID-19… while you are using ivermectin and you are having COVID-19, you are allowing a natural immunity to set in.”

Some other stakeholders at the same event called for the immediate approval of the drug as a COVID-19 treatment. Employers Confederation of the Philippines (ECOP) President Sergio R. Ortiz-Luis said there is enough literature about ivermectin for the government to look into.

“There are so many countries and publications that have accepted it… How can you even say there is a lack… when the policy for other medicines and other vaccines is so different. Allow them to use it because if it can save some lives, it should save some lives,” he said.

However the Department of Health and the Food and Drug Administration said in a joint statement on Friday that while they are “not against the use of investigational drugs,” they “emphasized that in using products with unproven efficacies, the safety of every Filipino should take utmost precedence.”

Health Secretary Francisco T. Duque III said that self-administering the drug is risky, noting that there could possibly be harmful effects since it has not been tested and tested locally by the FDA as a COVID-19 cure. Only veterinary grade ivermectin is registered locally, but a compassionate special permit has been given to five hospitals, allowing the use of ivermectin for the purpose of the treatment.

Debates on the use of the drug have intensified this week after an “ivermectin pantry” was opened by Anakalusugan Partylist Rep. Michael Defensor and SAGIP Partylist Rep. Rodente Marcoleta. Both lawmakers, who said doctors were present and giving prescriptions for the drug at the event. They were slammed after reports surfaced online of seemingly invalid prescriptions that lacked the doctors’ names and contact details that were supposedly given during the event.

In a separate briefing Friday, Health Undersecretary Rosario S. Vergeire said that there are laws that need to be followed when giving prescriptions to patients.

The health department and the FDA said they will endorse reports on the allegedly invalid prescriptions to the Professional Regulation Commission.

In a separate statement, the Philippine Pharmacists Association, Inc. slammed the lawmakers over the dispensing of ivermectin. “An invalid prescription must not be served. A waiver signed by a patient cannot exonerate the prescriber or the pharmacist from the accountability in case of adverse drug reaction,” the organization said on Friday. — Gillian M. Cortez and Jenina P. Ibanez

Over half of Filipino households experienced food insecurity amid pandemic — poll

A government poll revealed that more than half of Filipino households had experienced moderate to severe food insecurity amid the coronavirus pandemic.

According to the Rapid Nutrition Assessment Survey conducted from Nov. 3 to Dec. 3 last year, 62.1% families experienced having little to no food. The survey was conducted by the Department of Science and Technology-Food and Research Nutrition Institute (DOST-FNRI).

Of the 5,717 households involved in the survey, almost 72% were forced to borrow money just to get food, while 66.3% asked for food from their relatives, neighbors, and friends.

The survey said 30.2% swapped their possessions for food while 21.1% adults reduced their food intake to be able to feed their children more.

Food insecurity was highest in the second half of 2020.

The survey said 56.3% of survey respondents reported having a problem accessing food during the community quarantine period due to the lack of money (22.1%), limited public transportation (21.6%), the loss of livelihood (19.5%), and limited food stores (10.8%). It added that 5.1% of the respondents were seniors who had no other family members to buy food for them.

Food insecurity was mostly felt in households with children (74.7%) and pregnant members (80.8%), the report said.

It said the impact of food insecurity was higher in areas at low and moderate COVID-19 risk levels, noting that high risk areas were located in highly urbanized cities where food availability and accessibility “might be easier.”

The DOST-FNRI said government services and benefits “must be decentralized from highly urbanized cities and extended equitably to provinces with less resources and minimal or no benefactors.” —  Kyle Aristophere T. Atienza

52,000 jobs available in DOLE’s Labor Day online job fair

PHILSTAR

In preparation for Labor Day, the Department of Labor and Employment (DOLE) said over 665 employers will be offering 52,000 jobs at its online job fair this Saturday.

During a briefing on Friday, DOLE’s Information and Publication Service Director IV Rolly M. Francia said, “Umaabot na siya ng (It has reached already) 52,461 vacancies involving about 665 employers, 613 of which are local employers and 52 are overseas based,” of the jobs that will be available at the job fair.

Based on data provided to reporters by the DOLE, the openings consist of 44,724 local jobs and 7,737 openings overseas. The top five participating industries are Business Process Outsourcing (BPO), manufacturing, government, textile, and construction.

Other than the job fair, the DOLE will also hold a “symbolic” vaccination of workers under the A4 category of the government’s COVID-19 vaccination program, but details on this have yet to be finalized. Labor Secretary Silvestre H. Bello III said earlier this week 5,000 workers will benefit from this.

Part of the Labor Day program is a signing ceremony of the DoLE, the Department of Interior and Local Government, and the Metropolitan Manila Development Authority on the deployment of contact tracers under DOLE’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD).

In an earlier press statement, DOLE said those who want to take part of the virtual job fair may access the following links:

National Capital Region (May 1) – https://jobquest.ph/

Cordillera Administrative Region (May 1) – jobstreet.com.ph/vcf21

Ilocos Region (May 1–2) – http://bit.ly/wb-dole1-reg

Cagayan Valley Region (May 1–5) – jobstreet.com.ph/vcf21

Central Luzon (May 1) – https://www.vantagehunt.com/

Bataan Province (May 14) – https://hotjobsbataan.com/

CALABARZON (May 1) – jobstreet.com.ph/vcf21

MIMAROPA (May 1) – jobstreet.com.ph/vcf21

Bicol Region (April 30 – May 2) – http://bit.ly/wb-dole5-reg

Western Visayas (May 1) – http://www.mynimo.com/dole6applicants

Central Visayas (May 1) – http://www.mynimo.com/dole7applicants

Eastern Visayas (May 1-3) – jobstreet.com.ph/vcf21

Zamboanga Peninsula (May 1) – jobstreet.com.ph/vcf21

Northern Mindanao (April 30-May 1) – http://www.mynimo.com/dole10applicants

Davao Region (May 1) – https://facebook.com/DOLERO11

SOCCSKSARGEN (May 1) – http://bit.ly/wb-dole12-reg

CARAGA (May 1) – jobstreet.com.ph/vcf21

Gillian M. Cortez

MWSS says suspension of water disconnection still in effect

BW FILE PHOTO

The regulatory office (RO) of the Metropolitan Waterworks and Sewerage System (MWSS) said that the two Metro Manila water concessionaires still cannot disconnect the water supply of customers who have not paid their bills, following the government’s decision to extend the second strictest lockdown level over capital and nearby areas.

“The MWSS RO’s directive to Maynilad and Manila Water to suspend all service disconnection activities is still in effect,” the MWSS Public Information Office told reporters in an e-mailed press advisory on Friday.

On Wednesday, President Rodrigo R. Duterte announced in a televised address that he is extending the modified enhanced community quarantine (MECQ) status over Metro Manila and the provinces of Bulacan, Rizal, Laguna and Cavite until May 14.

Earlier this month, the MWSS stretched the suspension of disconnection activities up until the MECQ status in the capital region was to be lifted on May 1.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

PH must enforce arbitral award on Spratlys under new admin — Carpio

US NAVY/HANDOUT VIA REUTERS/FILE PHOTO

To end the territorial dispute between the Philippines and China on the Spratly Islands, retired Supreme Court (SC) Justice Antonio T. Carpio says the 2016 arbitral award will have to be enforced by the new administration after President Rodrigo R. Duterte’s term ends in 2022.

The arbitral award is the 2016 ruling by the Permanent Court of Arbitration (PCA) that favored the Philippines’ over China’s claims in the West Philippine Sea or the South China Sea where the disputed Spratly Islands are located.

In a webinar on Friday, Mr. Carpio said, “the challenges to the enforcement of the award all come from two sources: first from China, which is expected since China refuses to accept the award; and, second, from a totally unexpected source — from President Duterte of the Philippines.”

Mr. Duterte earlier said the Philippines does not want war with China as “China is a friend,” but that the Philippines’ sovereignty over the disputed waterway is non-negotiable even if the Philippines owes China a “debt of gratitude” for its donation of at least a million doses of the COVID-19 vaccine CoronaVac.

Mr. Carpio said further that all four states prejudiced by China’s so-called nine-dash line — Vietnam, Malaysia, Brunei, and Indonesia — and all outside naval powers — the US, the UK, France, Japan, Australia, Canada, India, the EU, and Russia — agree with the three main bases of the award.

The three main bases of the award are that China’s nine-dash line (which it claims shows the extent of its territory in the South China Sea) “has no legal effect and cannot serve as basis to claim waters and resources beyond what UNCLOS (the United Nations Convention for the Law of the Sea) allows”; that the Philippines has an exclusive economic zone in the West Philippine Sea untouched by China’s nine-dash line; and, that “none of the islands in the Spratlys and Scarborough Shoal generate an exclusive economic zone, only territorial seas,” he said.

However, Brendan Plant, Fellow at the Lauterpacht Center for International Law and Downing College, University of Cambridge, UK, said in the same webinar that tribunals cannot enforce rulings.

Mr. Plant suggested that the Philippines file a new dispute, or one under UNCLOS for China’s non-compliance with the 2016 arbitral award, which he says is a “breach of obligation to UNCLOS and to international law.”

In addition, Julian G. Ku, Senior Associate Dean at the Maurice A. Deane School of Law, Hofstra University, USA, also said in the webinar that the Philippines could pass a law to criminalize the presence of fishing vessels in its exclusive economic zones.

The Philippine task force had said earlier that about 240 Chinese vessels that China claims are ordinary fishing vessels are in the West Philippine Sea, within the Philippines’ exclusive economic zone. — Bianca Angelica D. Añago 

SC extends court closures in ECQ and MECQ areas to May 14

The Supreme Court (SC) has extended the physical closure of all courts and court offices in the National Capital Region, Abra, Bulacan, Cavite, Laguna, Quirino, Rizal, Santiago City in Isabela, and in other areas currently under enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) until May 14.

“These courts in ECQ and MECQ areas shall continue to operate during this period (May 3 to 14) through fully remote videoconferencing, which must be maximized so as not to delay the trial of cases and court processes,” the High Court said in a circular released on Friday.

Courts in those areas may still be reached through their respective hotlines and e-mail addresses as posted on the SC website as the said courts and court offices will still maintain a skeleton staff to attend to urgent matters.

The filing periods and service of pleadings and motions are also suspended and will resume on the seventh calendar day from the opening of the relevant court.

Meanwhile, the Court said courts and court offices in areas placed under general community quarantine (GCQ) and modified general community quarantine (MGCQ) will be open and shall operate “with a workforce of at least 25%.” — Bianca Angelica D. Añago

Health agencies ink anti-corruption agreement

https://pacc.gov.ph/

The Presidential Anti-Corruption Commission signed an agreement with government health agencies and corporations to boost efforts against corruption.

On Friday, the PACC signed a joint memorandum with the Department of Health (DoH) on a partnership that will strengthen efforts against graft within the DoH, the Food and Drug Administration (FDA), and the Philippine Health Insurance Corporation (PhilHealth). Those health agencies have long been the subjects of allegations of corruption and countless probes have been launched in this regard.

The pact is part of the PACC’s Project Kasangga which gathers the commitment of officials from all government agencies to reduce graft and corruption in their departments while also agreeing to cooperate in speedy investigations and prosecution.

PACC Commissioner Greco B. Belgica said during the event on Friday that boosting efforts to combat corruption is needed. “Most especially at this time that our society is more vulnerable to corruption due to the ongoing health and economic crisis,” he said.

Health Secretary Francisco T. Duque III said that the health department is one with the PACC and its initiatives to abolish all forms of corrupt activity within the DoH and other government agencies.

Napakahalaga magamit ng tama ang pondo ng gobyerno upang tumugon ang pangangailangang kalusugan ng ating mga kababayan (It is extremely important to appropriately use government funds to address the health needs of our countrymen),” he said.

Meanwhile, Philhealth CEO Dante A. Gierran said that the task will not be easy within his agency, which has long been the subject of speculation and allegations of widespread anomalies before he was appointed by President Rodrigo R. Duterte to cleanse the agency.

“It is not an easy task, but with the Filipino people in mind for inspiration, anti-corruption and bureaucracy is worth it… Kami sa Philhealth ay nagpapatupad ng anti-fraud measures na puso

ng (We in Philhealth have implemented anti-fraud measures that is the heart of the) national health insurance program,” he said. — Gillian M. Cortez

BSP sees inflation breaching target anew in April

Photo by Michael Varcas, The Philippine Star

The Bangko Sentral ng Pilipinas (BSP) said inflation likely breached the upper-end of its annual target for a fourth straight month in April due to higher electricity rates and food prices.

Inflation during the month likely reached between 4.2% to 5%, BSP Governor Benjamin E. Diokno told reporters in a Viber message. This is above the 2-4% target of the central bank.

He said the BSP’s point inflation forecast for April is at 4.6%, which, if realized, will be faster than the 4.5% in March and the 2.2% a year earlier.

The April inflation data will be released by the Philippine Statistics Authority on May 5.

The increase in electricity rates of Manila Electric Co. as well as the higher prices of pork, fish, and rice may have led to faster inflation in April, Mr. Diokno said.

Meralco said households will likely see an increase of around P17 in their April electricity bill due to higher spot market prices. The utility firm said their overall rate rose by P0.087 per kilowatt-hour to P8.4067 per kilowatt-hour (kWh) from March.

A 60-day price cap on meat products in Metro Manila expired earlier this month. The price ceiling was implemented to curb soaring meat prices due to supply shortages caused by the African Swine Flu outbreak.

Meanwhile, the month also saw a decrease in oil prices as well as food items including fruits and vegetables as supply conditions improved. Mr. Diokno said these factors could slow down the increase in the consumer price index.

Global oil prices declined recently amid concerns a spike in coronavirus cases in some countries may affect global economic recovery.

In the domestic market, pump prices of gasoline, diesel, and kerosene have jumped by P7.60, P5.70 and P4.95 per liter, respectively, as of April 27 year to date.

“Moving forward, the BSP will continue to monitor evolving economic and financial conditions to ensure that the monetary policy stance remains consistent with the BSP’s price stability mandate,” Mr. Diokno said.

The Monetary Board’s next policy-setting meeting is scheduled on May 13.

The central bank kept the key policy rate at a record low of 2% on its March policy review, citing the need to continue to support the economy’s recovery amid a surge in new coronavirus cases.

Inflation is expected to reach 4.2% this year, much higher than the 2.6% in 2020 due to higher food prices and a recovery in global oil prices. — Luz Wendy T. Noble

Foreign loans to fund Philippines’ COVID-19 response hit $18.4 billion

A health worker prepares a bed inside a temporary medical tent at the Go Belmonte Super Health Center and Lying-in Clinic on April 14, intended for patients who are about to give birth but awaiting either the result or swabbing for a coronavirus test. -- PHILSTAR/MICHAEL VARCAS
The Philippines secured more foreign loans to fund its pandemic response. — Photo by Michael Varcas, The Philippine Star

The Philippines has secured $18.4 billion in foreign loans so far to fund its fight against the coronavirus disease 2019 (COVID-19) pandemic, the Finance department said.

“As of April 28, 2021, nakautang po tayo ng a (we have secured loans) total of around $18.4 billion from external sources,” Undersecretary Mark Dennis Y.C. Joven said in a Laging Handa briefing on Friday.

Pressed for details, Mr. Joven said the government’s coffers were boosted by the recent issuance of the yen- and euro-denominated bonds.

The Bureau of the Treasury last week raised P122.4 billion (€2.1 billion) from its euro-denominated bonds that have tenors of four, 12 and 20 years.

This followed the P22.4 billion (¥55 billion) raised in March through the government’s issuance of yen-denominated bonds maturing in three years.

Mr. Joven said $16.6 billion will be for budget support while the remaining will be for project financing.

He said $6.93 billion came from multilateral sources such as the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank, while the rest came from bilateral sources ($1.32 billion) and corporate sources that bought government bonds ($8 billion).

“We purposely chose multilateral funders because the rates they offer are very concessional…Nominal rate is less than 1%, I think it’s around 0.6% to 0.8% per annum,” Mr. Joven said.

He also added the longer tenor of these loans helps, especially as the country continues to face a prolonged pandemic.

Economic managers expect the country’s debt stock to reach P11.98 trillion by the end of this year.

The government expects the deficit will hit 8.9% of the gross domestic product this year, but Finance Secretary Carlos G. Dominguez, III said they aim to bring this down to 3.5% to 4% starting in 2022. — Luz Wendy T. Noble