Gov't, OPEC sign P1.2b loan

The $100 million (about P1.2 billion) loan is meant to support the government’s efforts through the strengthening of its pandemic and crisis response, addressing the regulatory constraints for private sector recovery as well as building the foundations for a sustainable green economy.

Speaking at signing ceremony, the Minister of Finance, Peggy Serame said the country is experiencing budgetary shortfalls that need to be financed largely through borrowing, hence the need of the funding from the OPEC.