The Philippines is now facing the impacts of the global outbreak of COVID-19. Philippine President Rodrigo Duterte has declared a public health emergency and a state of calamity, mandating full cooperation among all government agencies and local governments to address the COVID-19 threat.
The World Bank has expressed its solidarity with the people of the Philippines and is working closely with the authorities to support action to address the unfolding COVID-19 emergency through financial support and just-in time technical assistance.
The World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery. The immediate response includes financing, policy advice, and technical assistance to help countries cope with the health and economic impacts of the pandemic. The IFC is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial US$6 billion available for the health response. As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.