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Republic of the Philippines Republic of the Philippines Sound Fundamentals Lend Strong Support to Pandemic Response and Economic Recovery Disclaimer: If you are not the intended recipient, any unauthorized disclosure, copying, dissemination or use of any of the information is strictly prohibited. This presentation contains data sourced from various Philippine government, multilateral/bilateral and private sector websites/reports as of 27 November 2020, unless otherwise indicated. These sources have been cited where possible. Table of Contents I. Socio-Economic Response Package Against COVID-19 3 II. Sound Credit Profile 15 III. Long Track Record of Strong Macroeconomic Performance 19 IV. Demonstrated External Resiliency 37 V. Sound and Stable Financial System 42 VI. Strong Government Finances 48 VII. Infrastructure Development for Economic Recovery 62 VIII. Firm Institutional Foundations Through Structural Reforms 76 IX. Outlook 87 X. Environmental, Social and Governance 89 XI. The Investor Relations Office 103 2 Socio-Economic REPUBLIC OF THE PHILIPPINES THE OF REPUBLIC Response Package Against Covid-19 I Sound Fundamentals Lend Strong Support to Pandemic Response and Economic Recovery 3 Rapid, Comprehensive and Fiscally Responsible Response to COVID -19 Phased and Adaptive Strategy to Address the Pandemic Emergency Stage Recovery Stage Resiliency Stage March - May 2020 June - December 2020 2021 Onwards Bayanihan to Heal as One Act (Bayanihan 1) or Bayanihan to Recover as One Act (Bayanihan 2) 2021-2022 General Appropriations Act Republic Act No. 11496 or Republic Act No. 11494, and recovery bills: and other reform laws GUIDE, FIST, CREATE* Pillar 1 Pillar 2 Pillar 3 Emergency Support to Marshalling Monetary Actions and other financing support Rebuilding The Economy: Building Back vulnerable groups and resources to fight Better individuals COVID 19 Pillar 4 Economic recovery plan to create jobs and sustain growth Key features: Key features: Key features: . Budget and procurement flexibility . Budget and procurement flexibility . Reprioritization of the 2021 and 2022 . Subsidy to poor and low income . Reprioritization of 2020 budget budget . Small business support . Resumption of priority Build Build Build . Structural reforms to turn crisis into . Support to key sectors projects opportunity to prepare for the new . Health system, capacity and insurance . Demand side to raise income and create normal . Support for frontliners jobs: better targeted and implemented . Support Balik Probinsya, Bagong Bayanihan 1 programs Pag-asa Program . Supply side to support firms: liquidity and equity infusion, and guarantee thru the financial sector . Target tax incentives *Government Financial Institutions Unified Initiative to Distressed Enterprises for Economic Recovery (GUIDE) Act, Financial Institutions Strategic Transfer (FIST) Act, Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act 4 Source: National Economic and Development Authority (NEDA) Swift Enactment of Key Legislations to Support Pandemic Response Congress passed fiscally responsible measures that the government can implement within its means BAYANIHAN 1 Act BAYANIHAN 2 Act enacted on 24 March 2020 enacted on 11 September 2020 EnactedPHP386.1 on 24 March bn PHP140.0 bn 2020(US$7.6 bn) (US$2.7 bn) Total Allotment Releases Regular Appropriation plus standby fund worth PHP25.5 bn (US$501.0 mn) To better respond to the COVID-19 crisis, Congress initially, through Republic Act No. 11469 also known as the “Bayanihan to Heal as One Act” granted the President the power to adopt emergency measures and to reallocate and realign from regular appropriations and savings on other items in the 2020 National Budget. Subsequently, the special powers of the President was extended through Republic Act No. 11494 also known as the “Bayanihan to Recover as One Act” . As of 20 November 2020, released allotments for Bayanihan 1 and Bayanihan 2, including post-Bayanihan 1 amounted to PHP486.1bn. Funding sources as follows: Funding Source (amounts in PHP bn) Bayanihan 1 Post-Bayanihan 1 Bayanihan 2 Total Discontinued Programs and Projects (FY 2019 and FY 266.84 -- 34.77 301.61 2020 GAA) Regular Agency Budget (FY 2019 and FY 2020 GAA) 20.90 0.09 0.03 21.01 Special Purpose Funds (FY 2020) a/ 98.41 7.50 2.90 108.81 BTr Certification b/ -- -- 54.64 54.64 Total 386.14 7.58 92.35 486.07 *Figures may not add up due to rounding a/ includes National Disaster Risk Reduction Management Fund, Contingent Fund, Miscellaneous Personnel Benefits Fund, Unprogrammed Appropriations b/ includes Excess Revenue Collection, Unutilized Automatic Appropriations Note: Exchange rate used is the midpoint of DBCC Macroeconomic Assumptions for FY2020 of PHP/US$ 50-52 as of 28 July 2020 5 Source: Philippine Congress, Department of Budget and Management, Department of Finance Rapid, Comprehensive and Fiscally Responsible Response to COVID -19 Financing secured from development partners and commercial markets to support Covid-19 response efforts Korea Eximbank US$100.0mn Grant Assistance Project Loan Financing US$26.36mn US$615.0mn Agence Française de Développement US$275.7mn Asian Infrastructure Investment Bank US$750.0mn Japan International Cooperation Agency Asian Development Bank US$917.9mn US$10.6 US$3.8bn Billion* World Bank US$1.78bn *Budgetary support, grant assistance, and ROP USD Bond Issuance project loan financing as of 23 November 2020 US$2.35bn 6 Source: DOF “Bayanihan” Filipino Spirit of Cooperation and Unity Fortifying pandemic response through “Bayanihan to Recover as One”/Bayanihan 2 or RA No. 11494 Provides for COVID-19 response and recovery interventions and for mechanisms to accelerate the recovery and bolster the resiliency of the Philippine economy Key features of Bayanihan 2 Signed by the President on 11 September 2020; Valid until 31 December 2020 PHP140bn regular appropriation PHP13.0bn PHP25.5bn standby fund Cash-for-work programs, and unemployment Health Related or involuntary separation assistance for Education displaced workers, freelancers, the self- 7% Programs 18% employed, and overseas Filipino workers (OFWs) affected by the government’s deployment ban. Households, PHP PHP13.5bn Vulnerable sectors and Health-related items: hiring of emergency Businesses, Public 140bn households “human resources for health,” augmentation Transport and Tourism 17% 58% for operations of hospitals, monthly special risk allowance, “actual hazard pay,” life insurance, accommodation, transportation, and meals for health workers PHP39.5bn Capital infusions to government financial institutions (Development Bank of the Philippines and Land Bank of the Philippines); for the COVID-19 Assistance to Restart Enterprises (CARES) program of Department of Trade and Industry’s Small Business Corporation PHP24.0bn Direct cash or loan interest rate subsidies to farmers, fisherfolk, agri-fishery enterprises and cooperatives, to finance the Department of Agriculture’s Plant, Plant, Plant program PHP9.5bn For Department of Transportation’s assistance to transport industry; for temporary livelihood for displaced public utility vehicle drivers; to set up sidewalks and bicycle lanes, and to procure bicycles and other equipment for sharing and lending programs PHP4.0bn Finance Department of Tourism’s program for road tourism infrastructure and assist critically impacted tourism related businesses and Department of Labor and Employment’s cash for work program 7 Source: Official Gazette “Bayanihan” Filipino Spirit of Cooperation and Unity Fortifying pandemic response through “Bayanihan to Recover as One”/Bayanihan 2 or RA No. 11494 Provides for COVID-19 response and recovery interventions and for mechanisms to accelerate the recovery and bolster the resiliency of the Philippine economy Key features of Bayanihan 2 Assistance for the Department of Education’s digital and alternative PHP4.0bn learning modalities, including the printing and delivery of self-learning modules. PHP3.0bn Assistance to state universities and colleges in developing smart campuses through investments in their information and communication technology (ICT) capabilities PHP1.0bn Technical Education and Skills Development Authority’s programs for displaced workers Other salient features . 60-day grace period for payment of all existing, current and outstanding loans falling due on or before 31 December 2020, without interests, penalties and charges . 30-day grace period for the payment of utilities, falling due within the period of community quarantine without incurring interests, penalties and other charges . Maximum of 30-day grace period on residential and commercial rents of lessees not permitted to work during the quarantine 8 Source: Official Gazette Rebuilding the Economy by Building Back Better Building confidence in the safety of public life and stimulating domestic demand Five priority measures to stimulate domestic consumption as the economy reopens Restart and accelerate Scale up food Support and promote Mass hiring of contact Push for urgent passage of the implementation production and the manufacture of tracers to boost the Corporate Recovery and of the Build, Build, logistics chain products that have government’s efforts Tax Incentives for Build infrastructure strong and inelastic to stop the local Enterprises Act (CREATE), Support the whole previously CITIRA, to attract modernization value chain of food demand by food transmission of COVID- foreign investors in search program subject to production, including production and logistics 19 while helping offset of resilient,
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