The Department of Finance (DOF) on Sunday announced it had secured $4.55 billion in new foreign loans from multilateral lenders and commercial markets as of mid-May.
This money came from the Asian Development Bank (ADB) and the World Bank, as well as the government’s issue of US dollar-denominated global bonds last month, the DOF said.
The DOF said $1.7 billion came from the ADB while $500 million came from the World Bank.
The department also said it raised $2.35 billion from the dual-tranche issuance of global bonds, which fetched coupon rates of 2.45 percent for the 10-year tenor and 2.95 percent for the 25-year tenor, the lowest ever for Philippine dollar bonds.
The loans will boost the government’s efforts to suppress the coronavirus disease pandemic and provide relief to the most affected sectors, the DOF said. (PressONE.ph)