MANILA -- The Philippines plans to raise up to P400 billion in borrowings to help fund its recovery from the coronavirus pandemic, a finance official said Tuesday.

Financing will be sourced from lenders such as the World Bank, the Asian Development Bank and the Asian Infrastructure Investment Bank (AIIB), Finance Assistant Secretary Antonio Lambino said.

The country can secure low interest loans at longer terms due to its credit rating, he said. The Japan Credit Rating Agency recently upgraded the country's score to A- from BBB+ rating, he said.

"Pagdating po sa loans, ang target po natin P400 billion ang target and pipeline. May mga binubuo po tayong pondo para mafinance natin ang ating economic recovery plan," Lambino said.

(When it comes to loans, our target is P400 billion, target and pipeline. We are building a fund to finance our economic recovery plan)

At the end of 2019, the country's debt was equivalent to 39.9 percent of the economy, compared to the debt-to-GDP ratio of 74.4 percent in 2004, he said.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno earlier said the Philippines needed fresh funds to spur job creation.

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