MANILA -- The government secured another loan worth US$370 million from the World Bank, pushing the country's loans for COVID-19 response to US$8.1 billion (approximately P392.94 billion), latest data from the Department of Finance (DOF) show.

The additional project loan, called Support to Parcelization of Lands for Individual Titling (SPLIT) Project, will be implemented by the Department of Agrarian Reform and is expected to benefit some 750,000 agrarian reform beneficiaries.

The project will fast track the division of collective Certificates of Land Ownership Award (CLOA) and generate individual land titles awarded under the Comprehensive Agrarian Reform Program, according to a June 26 World Bank press release.

World Bank Acting Country Director Achim Fock earlier said that the project will improve land tenure security, contribute to poverty reduction and rural economic growth, and strengthen farmers’ resilience against the coronavirus pandemic impacts.

LOANS AND GRANTS

To date, the government was able to secure a total of US$8.13 billion for its COVID-19 response through loans and grants. Nearly all or US$8.1 billion are loans from the World Bank, Asian Development Bank (ADB), French Development Agency, Japan International Cooperation Agency, Asian Infrastructure Investment Bank, and through the issuance of bonds.

The running total of $8.1 billion will be paid from 2023–2049, with an average repayment period of 15 years for each loan, based on the amortization schedules indicated in the loan agreement documents available on the DOF website as of Aug. 5.

Meanwhile, the government also received a total of US$26.36 million in grants from the government of Japan and ADB.