MANILA - The Philippines said Wednesday it secured a $500 million (P25 billion) loan from the World Bank to boost its anti-coronavirus war chest.

The fresh funding will strengthen the country's capacity to prepare, respond and recover from natural disasters including health emergencies such as the COVID-19 pandemic, Finance Secretary Carlos Dominguez III said in a statement.

The loan, signed last April 10, is payable in 29 years inclusive of a 10-and-a-half year grace period, he said.

• World Bank approves $500 million loan for Philippines to fight COVID-19
• Government approves cash aid for small businesses' workers

"This $500-million facility, which is just one of several financial assistance programs made available to the Philippines by the World Bank during this global health crisis, bolsters the Duterte administration's overall efforts to provide instant relief to the poor and other hardest-hit sectors, and strengthen our healthcare system," Dominguez said.

The loan is part of the $14 billion earmarked for developing countries, the Department of Finance said.

The Philippine government is eyeing other sources to boost its "sizeable" but not inexhaustible anti-coronavirus funds, Finance Asec. Antonio Lambino earlier said.