Recent Posts

Breaking News

P750-M loan to aid COVID-19 fight, approved by AIIB

By MB Online

The Asian Infrastructure Investment Bank (AIIB) approved the Philippine government’s P750 million loan for the continuing fight against coronavirus disease 2019 (COVID-19).

Asian Infrastructure Investment Bank logo (Courtesy of aiib.org)

Asian Infrastructure Investment Bank logo (Courtesy of aiib.org)

In a statement Friday, May 29, the AIIB announced that the loan is also co-financed by the Asian Development Bank (ADB). “The focus of our efforts is to help the government tackle the immediate health and economic challenges posed by the pandemic,” and towards “building economic resilience and ensuring quick recovery,” D. J. Pandian, AIIB vice president for investment operations said.

AIIB also said that the loan will hopefully help the Philippine government increase its mass testing capacity. Some of the funds can also be used to mitigate the effects the pandemic has had on the economy, on the people’s health as well as its impact to society in general.

The Philippine government has been ramping up efforts to increase the health department’s testing capacity. To do this, more funds will be needed to purchase the necessary equipment, personal protective equipment (PPE), and testing kits.

The country is taking its time transitioning to the new normal phase to minimize the effects of the pandemic on the economy but at the same time ensure that the increase in economic activity will not cause an uptick in the number of COVID-19 cases.

To be able to do this, experts have, time and again, recommended the conduct of more mass testings to be able to do the necessary measures to avoid another wave of COVID-19 infections by immediately isolating those infected from the general population.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/29/p750-m-loan-to-aid-covid-19-fight-approved-by-aiib/)

No comments