Southeast Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 30,721.62
% of GDP (2020): 8.70%
% of Regional Total Package: 5.94%
Package Per Capita in USD: 284.15
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline PHP373,900,000,000 USD7,345,256,524
01A - Short-term lending info_outline

(i) 10 June 2020, The BSP re-offered other tenors in its term-deposit facility (TDF) and started a measured increase in offer volumes in its RRP facility with a PHP200-billion auction offering in line with the stabilization of liquidity conditions and normalization in the BSP's monetary operations; (ii) See the short-term lending component of (vi) in Measure 3A.

01B - Support policies for short-term lending info_outline PHP373,900,000,000 USD7,345,256,524

(i) 30 March 2020, the BSP announced a 200-basis point (bps) reduction of the reserve requirement ratio (RRR) for banks (an estimated additional liquidity of PHP220 billion, which also includes the impact of lowering the policy rate mentioned in Non-lending actions of Measure 2);(ii) No amount/estimate: Easier terms and access to the BSP’s rediscounting facility; (iii) No amount/estimate: 7 April 2020, Reduced the Minimum Liquidity Ratio (MLR) for stand-alone thrift banks, rural banks and cooperative banks from 20% to 16% (effective until 31 December 2020); (iv) No amount/estimate: 16 April 2020, The BSP also revised the composition of the RRR to include loans granted to micro-, small-, and medium-scale enterprises or MSMEs (equivalent to a cut of more than 2 percentage points [pps] to the RRR; see also [iii] in Non-lending actions of Measure 2). On 29 May 2020, The BSP expanded the coverage of the measure to include large enterprises. On 4 June 2020, The BSP extended the aforementioned alternative reserve compliance measures until 2022. As of 26 November 2020, PHP134.8 billion in MSME loans and PHP29.1 billion in loans to large enterprises have been used as alternative reserve compliance by banks. On 11 December 2020, the BSP announced limits of PHP300 billion and PHP425 billion, respectively, on the amount of loans that banks can lend to SMEs and large enterprises as alternative reserve requirement compliance; (v) No amount/estimate: 21 July 2020, The BSP announced a 100-bps cut in reserve requirements of thrift banks and rural and cooperative banks to 3% and 2%, respectively, effective 31 July 2020 to increase lending capacity for MSMEs and rural clients; (vi) No amount/estimate: 9 December 2020, The BSP allowed non-stock savings and loans associations to recognize as income their accrued interest on unclassified loans outstanding for the purpose of income distribution to members; (vii) 29 October 2021, SSS launched the Short-Term Member Loan Penalty Condonation Program which consolidates all due and demandable arrears composed of the outstanding principal and interest of a borrower’s past-due salary, calamity, and emergency loans [update].

01C - Forex operations info_outline

No amount/estimate: The BSP has: (i) Relaxed documentary and reporting rules for foreign exchange operations; and (ii) 23 April 2020, Eased the asset cover requirement of banks with expanded/foreign currency deposit units.

02 - Credit creation info_outline PHP125,000,000,000 USD2,455,621,999
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate adjustments

No amount/estimate: (i) The Bangko Sentral ng Pilipinas (BSP) has reduced its policy rate five times since February 2020 by a cumulative 175 bps to a record low 2% (impact along with reducing required reserves is recorded in Non-lending actions of Measure 1); (ii) 24 September 2020, The BSP announced a cap of 24% on annual interest rates for credit card loans which will take effect on 3 November 2020. 8 April 2021, The BSP maintained the credit card ceilings on credit card transactions.

02B2 - Other policies to support long-term lending

No amount/estimate: (i) Regulatory relief measures for the banking sector: (a) temporary relaxation of requirements on compliance reporting, penalties on required reserves, and single borrower limits; and (b) a temporary relaxation of provisioning requirements (subject to the BSP approval); (c) relaxation of prudential regulations regarding marking-to-market of debt securities. These relief measures are intended to encourage banks, in turn, to provide financial relief to their borrowers (e.g., temporary grace period for loan payments); (ii) 16 April 2020, The BSP also approved a package of measures to further reduce the financial burden on loans to MSMEs including: (a) the counting of loans granted to MSMEs under banks' compliance with the reserve requirement, and on 5 May 2020: (b) deferred the implementation of the revised risk-based capital framework applicable under Basel III for stand-alone thrift banks, rural banks and cooperative banks, and (c) approved the assignment of a zero risk weight for MSME loans guaranteed by the Philippine Guarantee Corp., Agricultural Guarantee Fund Pool and the Agricultural Credit Policy Council; (iii) 21 April 2020, Waiver of fees on fund transfer transactions under PhilPass. On 5 June 2020, this was extended to the end of the year; (iv) 24 April 2020, Temporary relaxation in the credit risk weights for loans to MSMEs; (v) 28 April 2020, suspension of charges for filing, processing, and licensing/registration fees relative to application to provide electronic payment and financial services (EPFS) as an additional relief to BSFIs affected by the Corona Virus Disease 2019 (COVID-19) situation, effective for a period of six (6) months from 8 March 2020; (vi) 4 May 2020, The BSP temporarily allowed banks to use their capital buffers to absorb losses and support financing requirements, and to let their LCR go below 100% to meet liquidity demand; (vii) 6 May 2020, The BSP further eased standards on asset cover on foreign currency liabilities by subjecting lenders to a rolling two-week compliance period and give more flexibility in managing their foreign currency exposure (see also [ii] in Measure 1C); (viii) 15 May 2020, The Insurance Commission provided regulatory relief measures by (a) exempting those insurance companies from the quarterly PHP900 million net worth requirement (applicable only to those already compliant with the requirement as of end-December while those that have failed to comply before the enhanced community quarantine was declared last 17 March 2020 can only avail of the relief once they “put up additional funds to cover the net worth deficiency”); (b) relaxing the levels of regulator intervention based on the company’s level of compliance with the minimum risk-based capital ratio; and (c) extending the provisional period by which agents can sell insurance products online until the end of the year; (ix) 9 June 2020, Suspension of the submission of required reports and other documents by BSP-supervised financial institutions except for the Financial Reporting Package for Banks (FRP), the Consolidated Foreign Exchange (FX) Position Report, event-driven report requirements and reserve requirement-related reports; (x) 15 June 2020, Temporary relaxation in the borrowing limit of pawnshops from 50% to 70% until end-December 2021; (xi) 26 June 2020, Postponement of the adoption of the Supervisory Assessment Framework from July 1, 2020 to January 1, 2021; (xii) 21 July 2020, The BSP eased regulatory requirements on bank operations further until 31 March 2021 including increasing the single borrower's limit from 25% to 30%; relaxations in penalties for reserve deficiencies, notification requirements, submissions of reports and other documents, and extension in the period of compliance with supervisory requirements; (xiii) 22 July 2020, The BSP exempted debt securities held by market makers from the credit exposure limit to a single borrower; (xiv) 20 August 2020, The BSP increased the real estate loan limit for banks from 20% to 25% of their total loan portfolio net of interbank loans; (xv) 28 December 2020, The SEC announced prudential accounting relief measures for regulated financial institutions allowing them to stagger the booking of provision of credit losses for up to 5 years pursuant to the Bayanihan 2 law.No amount/eismtate: (xvi) 22 April 2021, BSP amended regulations on credit-related regulatory relief measures for BSP-Supervised Financial Institutions (BSFIs) including: (a) the exclusion of specific loans from the past due or nonperforming loan classification until 31 December 2021; and (b) extension of the higher single borrower’s limit of 30% (from 25%) until 31 December 2021; (xvii) 3 May 2021, (a) BSP extends the validity of relief measures for BSFIs until the end of 2021, including the relaxed notification requirements for changes in banking days and hours, and closures of offices; eased customer identification requirements; and waived the fees for applications on license or authority to provide electronic payments and financial services; (b) BSP extends the submission deadline of the 2020 Audited Financial Statements to 30 June 2021, or 60 calendar days from the original deadline prescribed under existing regulations which aligns BSP’s submission timeline with that of the Securities and Exchange Commission; and (c) BSP waived the prior BSP approval requirement for requests for extension of the deadline to open approved but not yet opened bank branches/BLUs; (xviii) 27 May 2021, BSP has approved the implementing rules and regulations for the FIST law, which means financial institutions can now seek regulatory approval if they want to offload their nonperforming assets; (xix) 29 October 2021, SSS launched (a) the Contribution Condonation Penalty Program under which employers can pay overdue SSS contributions in full or by installment over four to 24 months without penalties; and (b) the Enhanced Installment Payment Program allows employers to pay past-due social security and employment compensation contributions in installment for nine to 60 months, depending on the total amount [update].

02C - Loan guarantees PHP125,000,000,000 USD2,455,621,999

(i) PHP120 billion credit guarantee for affected small businesses. As of end-June 2020, PHP37.5 billion in guarantees have been approved; 21 February 2021, The Philippine Guarantee Corp. (PhilGuarantee) has broadened its support to micro, small and medium enterprises (MSMEs), manufacturing, housing, agriculture and other key sectors of the economy to help keep businesses afloat and extended its program until September 2021; (ii) 11 September 2020, PHP5 billion from the the Bayanihan 2 package as additional equity to the Philippine Guarantee Corp for its credit guarantee programs in support of large companies suffering from the impact of the COVID-19 pandemic.

03 - Direct long-term lending info_outline PHP112,208,000,000 USD2,204,323,466
03A - Long-term lending info_outline PHP112,208,000,000 USD2,204,323,466

(i) PHP10 billion Land Bank of the Philippines loan program for LGUs to increase their emergency funding. As of 10 October 2020, an additional PHP10 billion has been made available; (ii) PHP2.8 billion additional funding for DA’s Survival and Recovery Assistance Program (SURE Aid) for affected farmers and fishers; (iii) PHP1.203 billion for DTI loan program for micro, small, and medium enterprises (MSMEs) for enterprise development training and livelihood kits. As of 29 July 2020, the Department of Trade and Industry announced a new funding source worth PHP3 billion for its CARES lending program for MSMEs. A further PHP1 billion in additional funding was secured from state-owned banks; (iv) Up to PHP15 million loan assistance from the DA for micro and small enterprises engaged in agriculture and fisheries production; (v) June 2020, PHP3 billion lending program for "study now, pay later" schemes in private schools by the Land Bank of the Philippines. As of 1 July 2020, PHP260 million have been approved; (vi) 10 July 2020, PHP1.5 billion LBP I-Study lending program offering short-term (<1 year) loans for preschool to secondary students and term loans (up to 3 years) for tertiary students; (vii) 11 September 2020, PHP52 billion from the Bayanihan 2 package, of which: (a) PHP18.4725 billion from the regular appropriations and PHP9.0275 billion from the contingency funds of the Bayanihan 2 package to support wholesale banking and equity infusion of the LBP for low interest loans to be extended to persons and entities engaged in industries affected by the COVID-19 pandemic; (b) PHP6 billion from the regular appropriations and PHP6.5 billion from the contingency funds of the Bayanihan 2 package to support wholesale banking and equity infusion of the DBP for low interest loans to be extended to persons and entities engaged in industries affected by the COVID-19 pandemic; (c) PHP10 billion additional funding from the Bayanihan 2 package for the CARES Program of the SBCorp and for its other lending programs, as well as interest subsidy, to be extended to MSMEs, cooperatives, hospitals, tourism industry, and OF Ws affected by the COVID-19 pandemic and by other socioeconomic reversals; (d) PHP2 billion from the Bayanihan 2 package to subsidize the payment of interest on new and existing loans secured by the LGUs from LBP and DBP at PHP1 billion each; (viii) 12 March 2021, The Social Security System (SSS) released PHP31.69 billion in calamity loans to 2.12 million member-borrowers, PHP30.47 billion in salary loans to 1.28 million members, and PHP3.4 billion pension loans to 74,799 borrowers in 2020; (ix) 29 October 2021, SSS launched (a) the Housing Loan Restructuring and Penalty Condonation Program which allows qualified SSS housing loan borrowers, successors-in-interest, and legal heirs to pay outstanding principal interest, insurance dues, and legal expenses within 90 days from their notice of approval [update].

03B - Forbearance

No amount/estimate: (i) Implementation of a minimum 30-day grace period for payment of all loans, without incurring interest on interest, penalties, or other charges; (ii) 28 April 2020, Pursuant to Republic Act No. 11469 entitled “Bayanihan to Heal as One Act”, the suspension of acceptance of installment payments for Bangko Sentral ng Pilipinas (BSP) properties purchased on installment basis is extended until 31 May 2020, and additional interest or penalties will not be imposed.

04 - Equity support info_outline
05 - Health and income support PHP952,733,302,400 USD18,716,422,854
05A - Health support PHP185,374,802,400 USD3,641,683,543

(i) PHP2.9 billion purchase of medical equipment and supplies; (ii) PHP1.8 billion for 1 million personal protective equipment (PPE) sets procured by the Department of Health; (iii) PHP22.1856 billion PhilHealth medical expenses coverage for COVID-19 patients and assistance to health workers, which includes PhilHealth medical coverage, compensation for severe infection, and death benefit; (iv) PHP420.6 million for COVID-19 medical coverage; (v) Allocation of PHP53.2 million by the Department of Science and Technology for production of test kits developed by the University of the Philippines -National Institute of Health; (vi) PHP2.7015 billion expedited clearance and tax and duty-exempt importations of PPE and medical goods; (vii) PHP511.8 million compensation for private facilities used for the purpose of fighting COVID-19; (viii) Healthcare equipment and supplies exempted from import duties, taxes and other fees; (ix) Tax exemptions for donations of cash, critical healthcare equipment, relief goods, and the use of property for fighting COVID-19; (x) 5 May 2020, Temporary elimination of tariffs and other taxes and fees on qualified manufacturers and suppliers of medicines, medical equipment and devices, or articles needed in the supply chain, among others; (xi) 19 May 2020, The Department of Finance announced that a total of PHP58.6 billion have been marshalled to support frontline workers and increase health system capacity; (xii) 11 September 2020, PHP40.525 billion from the Bayanihan 2 package of which: (a) PHP13.5 billion to the DOH for the continuous employment of existing emergency HRH and additional emergency HRH for hiring; and augmentation for operations of DOH hospitals; special risk allowance for all public and private health workers directly catering to or in contact with COVID-19 patients for every month that they are serving during the state of national emergency; actual hazard duty pay for all health workers serving in the front line during the state of national emergency; free life insurance, accommodation, transportation and meals for all public and private health workers; and compensation to public and private health workers who may contract mild or severe/critical COVID-19 infection while in the line of duty, and those who may die while fighting the COVID-19 pandemic; (b) PHP3 billion for procurement of face masks, PPE, shoe covers and face shields to be provided to all local health workers, barangay officials, and other indigent persons that need protection to prevent the spread of COVID-19: Provided, That preference shall be given to products manufactured, produced, or made in the Philippines; (c) PHP4.5 billion to finance the construction of temporary medical isolation and quarantine facilities, field hospitals, dormitories for frontliners, and for the expansion of government hospital capacity all over the country; (d) PHP4.5 billion for the construction and maintenance of isolation facilities including billing of hotels, food and transportation to be used for the COVID-19 response and recovery program by the Office of Civil Defense as the head of the National Task Force against COVID-19; (e) PHP5 billion to finance the hiring of at least 50,000 contact tracers to be implemented by the DILG which shall include, but not limited to, recruitment, training, compensation, monitoring, logistics, and operational expenses; (f) PHP10 million for the HTAC research fund to provide for the commissioning of more COVID-19 research and enhance its internal capacity of evidence generation; (g) PHP15 million for the establishment of a computational research laboratory in the University of the Philippines-Diliman Institute of Mathematics to process big data analysis for COVID-19 and other pandemic research; (h) PHP10 billion for COVID-19 testing and procurement of COVID-19 medication and vaccine; (xiii) 28 December 2020, The President signed the PHP4.1 trillion 2021 budget into law which includes PHP72.5 billion for the country's COVID-19 vaccination program and PHP2 billion for the purchase of personal protective equipment. PHP210.2 billion is alloted to the DOH; (xiv) 2 February 2021, USD84 million contribution to the COVID-19 Vaccines Global Access (COVAX) Facility to ensure the delivery of 40 million doses of vaccine; (xv) No amount/estimate: 17 February 2021, The government signed the indemnification agreement with vaccine manufacturers Pfizer and AstraZeneca under COVAX facility negotiations; (xvi) No amount/estimate: 25 February 2021, The DOF has approved to include importations of COVID-19 vaccines in the “Mabuhay” or express lane to allow speedy processing of tax and duty exemptions for them. Applications will be processed within 24 working hours; (xvii) 26 February 2021, Passage of the COVID-19 Vaccination Program Act of 2021 into law establishing a PHP500 million indemnification fund which will shoulder the medical costs of Filipinos should they experience “adverse effects” after getting vaccinated for the coronavirus. The law also provides that the procurement, importation, donation, storage, transport, deployment, and administration of COVID-19 vaccines will be exempted from customs duties, value-added tax, excise tax, and other fees; (xviii) No amount/estimate: 1 March 2021, The Philippines began the inoculation of healthcare workers and other medical professionals under the A1 category. 7 June 2021, The mass vaccination of economic front-liners under the A4 category started; (xix) 5 March 2021, Australia is allocating about AUD35.9 million (about PHP1.3 billion) to support Manila in its vaccine rollout, mostly through technical support and capacity-building efforts, as part of Canberra's AUD523 million Regional Vaccine Access Initiative that seeks to assist in fast and safe vaccination in the Pacific and Southeast Asia. As of 17 June 2021, Canberra has provided Manila at least AUD7.52 million (around PHP277 million) to boost its vaccine rollout through Australia’s Vaccine Response Plan; (xx) No amount/estimate: 19 March 2021, The Food and Drug Administration (FDA) has issued an emergency use authorization (EUA) to Sputnik V vaccine manufactured by Russian medical-research institute Gamaleya National Center of Epidemiology and Microbiology. 23 August 2021, The FDA approved the EUA for the single-shot Sputnik Light from Russia; (xxi) No amount/estimate: 7 April 2021, The Department of Labor and Employment (DOLE) allocated PHP204 million for the hiring of informal sector workers as contact tracers in the NCR+ area. Contact tracers are only allowed to work for four hours a day under Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) Program (see item (vii) in Measure 5B3)); (xxii) No amount/estimate: 17 April 2021, The government has finalized deals with vaccine manufacturers Sinovac, AstraZeneca, Moderna, Novavax, and Gamaleya Research Institute. To date, the Philippines has purchased 25 million doses of Sinovac's CoronaVac, 13 million doses of Moderna, 20 million doses of Gamaleya's Sputnik V, and 45 million doses of Novavax; (xxiii) No amount/estimate: 28 April 2021, The Employees’ Compensation Commission (ECC) has included COVID-19 in its list of occupational and world-related diseases and is now a compensable disease. An employee affected by Covid-19 will be receiving PHP30,000; (xxiv) No amount/estimate: As of 10 May 2021, FDA has granted EUA to six Covid-19 vaccines from AstraZeneca, Bharat Biotech, Gamaleya Institute, Johnson & Johnson, Pfizer-BioNTech, and Sinovac Biotech; (xxv) No amount/estimate: 14 May 2021, The Philippines has secured 202 million doses of COVID-19 vaccines from various pharmaceutical companies and the World Health Organization-led COVAX facility. Of the total, 158 million doses were government-procured while 44 million doses were secured through the COVAX facility; (xxvi) No amount/estimate: 31 May 2021, Vaccination of qualified individuals under the A4 priority group including those who work outside their homes and government workers will begin in June 2021; (xxvii) No amount/estimate: 8 June 2021, The Food and Drug Administration (FDA) has granted emergency use authorization (EUA) for Pfizer-BioNTech COVID-19 vaccine for use of individuals 12 to 15 years old. Earlier in January, the EUA was cleared only for individuals 16 years old and above; 11 June 2021, (xxviii) No amount/estimate: 100,000 doses of government-procured Sputnik V vaccine arrived; (xxix) No amount/estimate: Over 3 million COVID-19 arrived, of which, 2,074,410 are made by Pzifer-BioNtech while the rest by Sinovac; 17 June 2021, (xxx) No amount/estimate: Additional 1.5 million doses of Sinovac's CoronaVac vaccine arrived, 1 million of which were purchased by the government, while 500,000 were purchased by the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII); (xxxi) Australia is providing AUD13.72 million (approximately PHP505 million) worth of coronavirus vaccines to the Philippines. The vaccines will be purchased in coordination with the United Nations Children’s Fund (UNICEF); (xxxii) As of 17 June 2021, Australia has contributed around AUD130 million (approximately PHP4.78 billion) worth of vaccines through the COVAX Facility; (xxxiii) No Amount/estimate: 20 June 2021, The government signed a supply agreement for 40 million doses of Pfizer-BioNTech vaccines. The procurement of the 40 million vaccine doses will be financed through a multilateral arrangement with the ADB. 16 million doses from Novavax and Johnson & Johnson are still under negotiation; As of 20 June 2021, (xxxiv) No amount/estimate: The Philippines has secured the delivery of 113 million doses from five manufacturers namely, Sinovac with 26 million doses, Sputnik V with 10 million doses, 20 million doses from Moderna, 17 million doses from AstraZeneca, and 40 million doses from Pfizer; (xxxv) No amount/estimate: The COVAX Facility has committed to deliver a total of 44 million doses in 2021; (xxxvi) No amount/estimate: 24 June 2021, DOH has included the Philippine Red Cross’ (PRC) saliva reverse transcription polymerase chain reaction (RT- PCR) test in all official laboratory results done in the Philippines; (xxxvii) No amount/estimate: 25 June 2021, Emergency use authorization has been fully granted to India-based Bharat Biotech’s Covid-19 vaccine called Covaxin; (xxxviii) No amount/estimate: 28 June 2021, A first shipment of 249,600 doses of Moderna vaccine arrived [update]; (xxxix) 6 July 2021, The Japanese government signed a JPY687 million (approximately PHP308 million) grant aid to provide the country much-needed cold chain transport and ancillaries for its vaccine rollout; (xl) No amount/estimate: 8 July 2021, The Japanese government donated 1.124 million vaccines developed by AstraZeneca. The shipment arrived on 9 July 2021; (xli) 15 July 2021, A donation of 420 intensive care unit beds worth PHP23.9 million arrived from the United States; No amount/estimate: (xlii) 17 July 2021, The first half of the US-donated 3.2 million Janssen vaccine doses arrived; (xliii) 22 July 2021, The government has secured 164 million doses of COVID-19 vaccines for 2021, of which: 26 million are government-procured Sinovac doses, 40 million Pfizer-BioNTech doses, 13 million Moderna doses, and 10 million Sputnik V doses; (xliv) 3 August 2021, To date, the U.S. has donated 6.24 million COVID-19 vaccines through the COVAX facility; (xlv) 3 September 2021, The Philippine Food and Drug Administration (FDA) has officially approved the use of the Moderna Covid-19 vaccine for adolescents, allowing it to be administered to those aged 12 and up; (xlvi) 13 September 2021, The Philippines will pursue the ivermectin clinical trial to will provide local data with regard to the safety and efficacy of ivermectin. It will respond to the WHO's call to conduct quality clinical trials, because of the insufficiency of good evidence for use or non-use of ivermectin. Recruitment of participants will start on 15 October 2021; (xlvii) 23 September 2021, A total of 43.1 million doses of COVID-19 vaccines have been administered nationwide, of which, 23.4 million Filipinos have received the first dose while 18.8 million are now fully vaccinated; (xlviii) 29 September 2021, The Armed Forces of the Philippines (AFP) received PHP57 million worth of medical equipment, supplies, and PPE from the Australian government; No amount/esitmate: (xlix) 15 October 2021, pediatric age-group vaccination will start with the 15 to 17 years group followed by the 12 to 14 years group; (xlx) 20 October 2021, A total of 53.3 million doses have been administered nationwide, of which, 28.6 million were used as first doses while 24.7 million were given as second doses. A total of 3,416 children aged 12 to 17 with comorbidities have been vaccinated against COVID-19; (xlxii) 15 October 2021, Pilot run of pediatric vaccination (children aged 12-17 with comorbidities) in 8 NCR hospitals. 22 October 2021, vaccination expanded to LGU-based hospitals [update]. 29 October 2021, start of the nationwide will roll out of pediatric vaccination [update]; (xlxi) 29 October 2021, start of the nationwide roll out of pediatric vaccination, following the pilot in the National Capital Region (NCR) on October 15 and 22 for the 12-17 age group with comorbidities [update].

05B - Income support PHP546,258,500,000 USD10,731,235,119
05B1 - Tax and contribution deferrals and policy changes PHP140,066,000,000 USD2,751,593,208

(i) PHP470 million deferment of filing, payment of taxes, and temporary exemptions; (ii) PHP139.596 billion net operating loss carryover (NOLCO) of five years to help business cope with losses; (iii) 11 September 2020, The Bayanihan 2 fiscal package was enacted worth PHP165.5 billion consisting of PHP140 billion in regular appropriations and PHP25.5 billion in contingency funds (the law contains provisions formalizing the 5-year NOLCO extension for 2020 and 2021).

05B2 - Tax and contribution rates reduction

(i) 19 May 2020, Sec. Dominguez stated that an estimated PHP42 billion pesos will be released from the reduction in corporate income tax rate from 30% to 25% in the second half of 2020 as part of the corporate tax and incentives reform (CREATE) bill under the second part of the recovery plan. 26 March 2021, CREATE was enacted into law with the tax cut retroactive from 1 July 2020; (ii) No amount/estimate: 13 October 2020, The Civil Aviation Authority of the Philippines (CAAP) will waive airport fees for domestic carriers until 19 December 2020 pursuant to the Bayanihan 2 Act.

05B3 - Subsidies to individuals and households PHP297,570,000,000 USD5,845,755,506

(i) PHP205 billion emergency subsidy program for 18 million low-income families in the informal sector; (ii) PHP51 billion wage subsidy for employees of small businesses that closed during the enhanced community quarantine; (iii) PHP1.5 billion Department of Labor and Employment (DOLE) assistance for Overseas Filipino Workers; (iv) PHP2 billion DOLE cash assistance program for displaced workers; (v) PHP1.2 billion Social Security System assistance to cover unemployment benefits. 12 March 2021, The SSS released PHP1.71 billion in unemployment insurance benefits (UIB) to 136,000 claimants in 2020; (vi) PHP180 million emergency employment program by the DOLE for informal sector workers; (vii) 11 September 2020, PHP23.08 billion from the Bayanihan 2 package: PHP13 billion for cash-for-work programs for displaced workers as maybe necessary in the management of or response to the COVID-19 pandemic, such as, but not limited to, TUPAD, CAMP and DOLE-AKAP for OFW; and unemployment or involuntary separation assistance for displaced workers or employees, such as those in private health institutions, culture and arts, creative industry including, but not limited to, film and audiovisual workers, construction, public transportation, and trade and industries, cooperatives, and other sectors of the economy as may be identified by the DOLE, in coordination with the BIR, and SSS; freelancers, the self-employed and repatriated OFWs including OFWs whose deployment were suspended due to a government-imposed deployment ban; (b) PHP600 million for subsidies and allowances to qualified students of public and private elementary, secondary, and tertiary education institutions; (c) PHP300 million for subsidies and allowances of displaced teaching and non-teaching personnel, including part-time faculty, in private and public elementary, secondary, and tertiary education institutions including part-time faculty in SUCs; (d) PHP3 billion for the implementation of cash-for-work programs under DOLE and for the unemployment and involuntary separation assistance for displaced workers or employees in the tourism industry; (e) PHP6 billion to finance DSWD programs such as, but not limited to, AICS, emergency subsidy to cater for areas which will be placed on granular lockdown, Sustainable Livelihood Program (SLP) for informal sectors not being catered by DOLE, distribution of food and non-food items, livelihood assistance grants, and supplemental feeding program for daycare children: Provided, further; That funds of the AICS program can also be utilized to address COVID-19 response and recovery and to procure food packs subject to the existing circulars of DSWD; (f) PHP180 million to finance the allowances for National Athletes and Coaches whose allowances were reduced due to the pandemic; (viii) 26 September 2020, The Department of Labor and Employment announced a PHP1 billion educational subsidy for college-level dependents of displaced OFWs; (ix) 29 March 2021, The government has approved the release of a PHP23 billion emergency “in-kind” subsidy to about 22.9 million individuals in Metro Manila and four nearby provinces placed under a week-long enhanced community quarantine (ECQ). The funds will be sourced from the remaining unutilized funds under Bayanihan 2 package; (x) No amount/estimate: 2 June 2021, A COVID-19 hazard pay at the rate of PHP500 per day will be given to government workers who physically report for work in areas under ECQ and modified ECQ (MECQ); (xi) 3 August 2021, A total of PHP13.1 billion worth of cash assistance will be distributed to around 10.7 million Metro Manila residents. It will be sourced from the savings of all government agencies. qualified beneficiaries residing in Metro Manila will receive PHP1,000 per person, or a maximum of PHP4,000 per family.

05B4 - Subsidies to businesses
05B5 - Indirect income support PHP45,518,500,000 USD894,209,840

(i) PHP3 billion for Technical Education and Skills Development Authority online programs to upskill workers; (ii) 11 September 2020, PHP42.3185 billion from the Bayanihan 2 package of which: (a) PHP24 billion to provide direct cash or loan interest rate subsidies, under the programs of the Department of Agriculture-Agricultural Credit Policy Council (DA-ACPC) and other forms of assistance to qualified agri-fishery enterprises, farmers and fisherfolk registered under the Registry System for Basic Sectors in Agriculture (RSBSA), and agriculture cooperatives, to finance the Plant, Plant, Plant Program to ensure food security and continuous productivity in the agricultural sector including accessibility through farm to market roads; (b) PHP5.58 billion temporary livelihood to displaced workers (public utility jeepney drivers and drivers of other public utility vehicles); (c) PHP1.316 billion to develop accessible sidewalks and protected bicycle lanes, procurement of bicycles and related safety equipment for bicycle distribution, sharing and lending programs, and procurement of bicycle racks; (d) PHP100 million to finance the training and subsidies for tourist guides; (e) PHP3 billion to assist SUCs in the development of smart campuses through investments in ICT infrastructure, acquisition of learning management systems and other appropriate equipment to fully implement flexible learning modalities; (f) PHP1 billion additional scholarship funds of TESDA under its Training for Work’ Scholarship Program (TWSP) and Special Training for Employment Program (STEP) for the retooling, retraining, and upskilling of displaced workers including returning OFWs, as well as provision of tool kits under the STEP; (g) PHP4 billion to assist the DepEd in the implementation of Digital Education, Information Technology (IT) and Digital Infrastructures and Alternative Learning Modalities, including printing and delivery of self-learning modules of the DepEd; (h) PHP1.5 billion assistance to LGUs under the Local Government Support Fund (LGSF); (i) PHP820 million for the augmentation of the Department of Foreign Affairs- Office of the Migrant Workers Affairs 2020 Assistance-to-Nationals Fund for repatriation-related expenses, shipment of remains and cremains of overseas Filipinos (OFs) who passed away due to COVID-19, medical assistance of OFs, and other assistance that may be provided for OFs who are affected by the pandemic; (j) PHP1 million for the Tourism Road Infrastructure Programs of DPWH; and (k) PHP2.5 million for the Professional Regulation Commission’s computer-based licensure examination.No amount/estimate: (iii) 19 February 2021, The Philippine Disaster Resilience Foundation (PDRF)’s micro, small, and medium enterprises (MSMEs) online resource hub-SIKAP-recently launched its improved gamified platform geared towards building MSMEs resilience and introduced new public and private sector initiatives that will help businesses bounce forward to the new normal; (iv) 13 September 2021, “Savings” from the government’s discontinued programs were used to put up infrastructure projects related to the COVID-19 response. This is in accordance with the Disbursement Acceleration Program (DAP), which is a reform intervention introduced during the Aquino administration, to speed up public spending and to boost economic growth by supporting high-impact and priority programs and projects using savings and unprogrammed funds. Furthermore, under the Bayanihan law, the government is given special powers to divert their approved budgets to augment funding for the country’s Covid-19 response; (v) 12 October 2021, PHP200 million for the EnTSUPERneur program which is a livelihood program meant to support displaced drivers and other transport workers.

05B6 - No breakdown (income support) PHP63,104,000,000 USD1,239,676,565

(i) PHP30 billion additional assistance to local governments to support vulnerable sectors; (ii) PHP16.5 billion for rice programs of the Department of Agriculture (DA) and Department of Trade and Industry (DTI) to boost the buffer stock; (iii) PHP14 billion from the Tourism Infrastructure and Enterprise Zone Authority to support the tourism industry; (iv) 11 September 2020, PHP2.604 billion from the Bayanihan 2 package to assist the critically impacted businesses in the transportation industry.

05C - No breakdown (health and income support) PHP221,100,000,000 USD4,343,504,192

(i) 11 September 2020, The Bayanihan 2 fiscal package was enacted worth PHP165.5 billion consisting of PHP140 billion in regular appropriations and PHP25.5 billion in contingency funds. As of 18 February 2021, 100% of the fund has been released to the respective departments; (ii) 28 December 2020, The President signed the PHP4.1 trillion 2021 budget into law which includes PHP72.5 billion (PHP2.5 billion is lodged under the Department of Health Budget, while PHP70 are unprogrammed funds) for the country's COVID-19 vaccination program and PHP2 billion for the purchase of personal protective equipment. PHP221.1 billion has been allocated to address the continuing threats of the COVID-19 pandemic (the 2021 budget's RESET component).

06 - Budget reallocation info_outline PHP266,235,000,000 USD5,230,180,184

As of 24 June 2020, PHP266.235 billion in funding released to agencies involved in the COVID-19 response efforts taken out of the pooled savings from discontinued programs, projects or activities (P/APs) of agencies under the Executive Department.

07 - Central bank financing government PHP1,622,000,000,000 USD31,864,151,062
07A - Direct lending and reserve drawdown PHP1,560,000,000,000 USD30,646,162,550

(i) 23 March 2020, To further support the Filipino people during the COVID-19 pandemic, the Monetary Board authorized the Bangko Sentral ng Pilipinas (BSP) to purchase government securities from the Bureau of Treasury (BTR) under a repurchase agreement in the amount of PHP300 billion with a maximum repayment period of 6 months. On 26 August 2020, The BTR stated programmed borrowings from the BSP total PHP500 trillion (out of a ceiling of PHP540 billion) in 2020 and PHP1 trillion in 2021. After the passage of the Bayanihan 2 Law on 11 September 2020, the cap on provisional advances by the BSP to the national government has effectively increased to 30% of the government's average revenue for fiscal years 2017-2019 or from PHP540 billion to PHP850 billion. On 30 September 2020, The BSP approved an additional PHP540 billion provisional advance to the national government following the Treasury's repayment of the initial PHP300 billion advance (this brings the total borrowing to PHP840 billion versus the PHP850 billion ceiling). 29 December 2020, The Treasury announced it is seeking another PHP540 billion loan from the BSP; (ii) 26 March 2020, The BSP remitted PHP20 billion pesos in dividends to the national government despite no longer being required to do so under its newly amended charter.

07B - Secondary purchase: government securities PHP62,000,000,000 USD1,217,988,512

(i) 24 March 2020, BSP opened a daily one-hour window to purchase selected highly traded and liquid government securities from banks at market prices; (ii) From 8 April 2020, all peso-denominated government securities issuances could be purchased by the BSP. Window will remain open between April and June 2020, or until market conditions return to normal; (iii) As of 22 April 2020, PHP62 billion in government securities (GS) have been purchased by the Bangko Sentral ng Pilipinas (BSP) as part of expanded GS purchases that began on 24 March 2020.

08 - International Assistance Received PHP416,848,370,720 USD8,188,976,236
08A - Swaps info_outline
08B - International loans/grants PHP416,848,370,720 USD8,188,976,236
08B1 - Asian Development Bank PHP116,492,888,600 USD2,288,500,000

(i) 13 March 2020, USD3 million grant under the COVID-19 Emergency Response; (ii) 26 March 2020, USD5 million grant under the Implementing a Rapid Emergency Supplies Provision Assistance to Design a Sustainable Solution for COVID-19 Impact Areas in the National Capital Region through a Public Private Collaboration in the Philippines; (iii) 23 April 2020, USD1.5 billion loan under the COVID-19 Active Response and Expenditure Support (CARES) Program; (iv) 24 April 2020, USD750,000 grant under TA: Policy Advice for COVID-19 Economic Recovery in Southeast Asia. As of 20 January 2021, the amount decreased to PHP150,000; and (v) USD1.5 million grant under TA9950: Regional Support to Address the Outbreak of COVID-19. Between 13 and 27 July 2020, the amount decreased to USD1.4 million. As of 29 January 2021, the amount increased to 2.9 million. As of 8 October 2021, the amount increased to USD2.96 million; (vi) 27 April 2020, USD200 million loan under the Social Protection Support Project (Second Additional Financing); (vii) 1 July 2020, USD100,000 grant under the technical assistance on Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions; (viii) 12 August 2020, USD50 million loan under the Competitive and Inclusive Agriculture Development Program, Subprogram 1; (ix) 24 August 2020, USD125 million loan under the Health System Enhancement to Address and Limit (HEAL) COVID-19 Project; 22 January 2021, USD25 million of the HEAL Project has been repurposed for the Asia-Pacific Vaccine Access (APVAX) Facility. 11 March 2021, USD400 million loan under the HEAL Project for the APVAX Facility (Second Additional Financing); (x) 6 October 2020, USD20,000 grant under ADB's TA on Capacity Development for the Supply Chain Finance Program (Phase 2) (Subproject 3); (xi) 5 November 2020, USD90,000 grant under the TA on Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure; (xii) 11 December 2020, USD2 million (Cofinancing) under TA - EdTech Solutions for Last Mile Schools in COVID-19; (xii) 11 December 2020, USD1.18 million loan under the TA: Secondary Education Support Program; (xiii) 3 September 2021, USD1 million TSAF - Supporting Enhanced COVID-19 Vaccination and Post-COVID-19 Health Security Response in Southeast Asia.

08B2 - Other PHP300,355,482,120 USD5,900,476,236

(i) 9 April 2020, USD500 million World Bank (WB) Third Disaster Risk Management Development Policy Loan; (ii) 23 April 2020, USD100 million WB loan for Philippines - COVID-19 Emergency Response Project. 11 March 2021, USD500 million additional financing to support the Philippine government’s program to purchase and distribute COVID-19 vaccines, strengthen the country’s health systems, and overcome the impact of the pandemic especially on the poor and the most vulnerable. 19 October 2021, To date, 4.73 million doses of vaccines out of 13 million doses procured by the country under the Philippines USD500 million COVID-19 Emergency Response Project Additional Financing of World Bank have arrived in the country; (iii) As of 25 May 2020, USD19.1 million in grants for health, humanitarian assistance, skills training, and technical support, among others, from the United States Agency for International Development (USAID) for health and humanitarian assistance. On 15 July 2021, a donation of 420 intensive care unit beds worth PHP23.9 million arrived from the United States (US). As of 19 July 2021, the amount has reached USD27.5 million; (iv) 28 May 2020, USD750 million loan from the Asian Infrastructure Investment Bank (AIIB) for the Philippines' COVID-19 response as parallel co-financing for the CARES Program; (v) 28 May 2020, USD500 million from the World Bank for Philippines Emergency COVID-10 Response Development Policy Loan; 10 June 2020, (vi) PHP44.5 million worth of donations from the government of Canada in the form of N95 masks and funding for reproductive health services during the pandemic. As of 2 September 2020, PHP110.3 million worth of donations and bilateral assistance from the government of Canada such as N95 masks and funding for reproductive health services during the pandemic; and(vii) PHP1 million grant from the European Union's Governance in Justice program for the COVID-19 pandemic response; (viii) 1 July 2020, JPY50 billion loan under the COVID-19 crisis response emergency support of the Japan International Cooperation Agency (JICA) and JPY2 billion grant aid for medical equipment and laboratories; (ix) 4 August 2020, USD122 million worth of United Nations (UN) grants have been earmarked for the COVID-19 Response Plan for the Philippines to assist 5.4 million poorest households in congested urban areas. As of 29 October 2020, The UN has provided PHP1.4 billion for the Philippines' COVID-19 pandemic response measures implemented through 20 UN agencies; (x) 15 September 2020, PHP23.3 billion (JPY50 billion) post-disaster stand-by loan from JICA for budget support during national emergencies such as the COVID-19 pandemic; (xi) 28 September 2020, The WB approved a USD600 million loan for the Philippines Beneficiary FIRST Social Protection Project to provide continuing support to the Department of Social Welfare and Development (DSWD) to implement the Pantawid Pamilyang Pilipino Program (4Ps) and pursue Fast, Innovative, and Responsive Service Transformation (FIRST) for beneficiaries; (xii) 29 October 2020, The South Korean government extended a USD100 million loan for the Philippines' pandemic response through the Export-Import Bank of Korea; (xiii) 30 October 2020, The European Commission is providing EUR2.51 million (USD2.78 million) in humanitarian aid for the Philippines; (xiv) 16 December 2020, The World Bank approved two projects to support the Philippines' pandemic recovery efforts: USD600 million Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan for competitiveness-enhancing reforms; and USD300 million Additional Financing for KALAHI-CIDSS National Community Driven Development Project (KC-NCDDP) for community-initiated responses to the impact of COVID-19; (xv) 5 March 2021, Australia is allocating about AUD35.9 million (about PHP1.25 billion) to support Manila in its vaccine rollout, mostly through technical support and capacity-building efforts, as part of Canberra's AUD523 million Regional Vaccine Access Initiative that seeks to assist in fast and safe vaccination in the Pacific and Southeast Asia.7 October 2021, The Australian government is set to deliver by this month 8 walk-in cold storage rooms amounting to AUD1.38 million (approximately PHP48.3 million) to help Philippine provinces store their sensitive vaccines like Pfizer; (xvi) 15 March 2021, PHP128 million grant from the European Union to strengthen the monitoring and testing capacities of the Philippine health system; (xvii) 25 March 2021, USD300 million loan from AIIB’s COVID-19 Crisis Recovery Facility and cofinanced with the ADB for the HEAL project to procure vaccines eligible under APVAX Facility; (xviii) 31 March 2021, The Japanese government has pledged PHP190 million to strengthen UNICEF's support for the Philippines' vaccination rollout; (xix) 14 April 2021, additional PHP106 million from the Australian government as COVID-19 response and support to affected families in Marawi City, Lanao del Sur. The money would also be spent for the Marawi Covid Recovery Project (MCRP) that would help at least 4,000 families or around 20,000 people cushion the impact of armed conflict, protracted displacement, and COVID-19; (xx) 1 June 2021, The Philippine President has pledged to donate USD1 million to the World Health Organization-led COVAX Facility to repay its efforts in providing developing countries, including the Philippines, with free COVID-19 vaccines; (xxi) 17 June 2021, Australia is providing AUD13.72 million (approximately PHP505 million) worth of coronavirus vaccines to the Philippines. The vaccines will be purchased in coordination with the United Nations Children’s Fund (UNICEF); (xxii) As of 17 June 2021, Australia has contributed around AUD130 million (approximately PHP4.78 billion) worth of vaccines through the COVAX Facility; (xxiii) 24 June 2021, The World Bank has approved a USD400 million loan to support reforms that will assist the Philippines in achieving a resilient financial sector and help ensure a more inclusive recovery from the COVID-19 pandemic; (xxiv) 6 July 2021, The Japanese government signed a JPY687 million (approximately PHP308 million) grant aid to provide the country much-needed cold chain transport and ancillaries for its vaccine rollout; (xxv) 15 July 2021, USD2.2 million from the government of Japan for the ILO project “Bringing back jobs safely under the COVID-19 crisis in the Philippines: Rebooting small and informal businesses safely and digitally”; (xxvi) 29 September 2021, The Armed Forces of the Philippines (AFP) received PHP57 million worth of medical equipment, supplies, and PPE from the Australian government; (xxvii) No amount/estimate: 20 October 2021, The Brunei government donated 20,000 doses of vaccines, of which, 2,000 have arrived; (xxviii) 21 October 2021, The Australian government is increasing its pandemic aid to the Philippines by AUD11.5 million (approximately PHP433 million), raising its total commitment to about PHP1.79 billion; (xxix) 25 October 2021, the U.S. military donated intensive care unit (ICU) beds and COVID-19 vaccine cold storage units, valued at over PHP2.075 million (USD40,914) to the Armed Forces of the Philippines (AFP) [update].

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown

On 22 May 2020, the Finance Department backed the expanded PHP568 billion fiscal stimulus bill (PESA) approved at the House Committee level on 19 May 2020. On 4 June 2020, the PHP1.3 trillion Accelerated Recovery and Investments Stimulus Bill (ARISE) was passed on third and final reading by the House of Representatives in lieu of PESA.

11 - Other Economic Measures

(i) PHP2.9 billion assistance from Philippine Amusement and Gaming Corporation (PAGCOR) and Philippine Charity Sweepstakes Office (PCSO) is intended for the purchase of medical equipment and supplies (See (i) in Measure 5A). On 5 June 2020, PAGCOR remitted an additional PHP5 billion in dividends (bringing the total to PHP17 billion); (ii) Banks are also expected to suspend all fees and charges imposed on online banking platforms during the period of regulatory relief; (iii) 2 May 2020, The government imposed a temporary additional 10% levy on imported crude and refined petroleum products to augment resources for COVID-19; (iv) 22 May 2020, The BSP is pushing for the enactment of the proposed Financial Institutions Strategic Transfer (FIST) law, an enhancement of the Special Purpose Vehicle Act that would allow financial institutions to clear up non-performing assets and have additional funds to lend to their clients. 17 February 2021, The FIST bill was enacted into law. The FIST is expected to reduce the NPL ratio by about 0.63 to 7.0 percentage point; (v) 30 March 2021, The government issued its first-ever JPY55 billion (about PHP24 billion) 3-year senior unsecured zero-coupon fixed-rate Samurai bond to fund it its COVID-19 response and other priority program; (vi) 6 April 2021, The Philippine Stock Exchange (PSE) amended its listing rules for initial public offerings (IPOs) to encourage small and medium enterprises (SMEs) to go public. The PSE’s amended rules include relaxed profitability and operating history requirements and provide a temporary relief clause in considering applications due to the pandemic; (vii) 22 April 2021, The government issued EUR2.1 billion worth of 4-year, 12-year and 20-year global bonds; (vii) 14 September 2021, As part of efforts to beef up state coffers for its pandemic response, the government will issue Retail Onshore Dollar Bonds due 2026 and 2031 in the form of 5-year and 10-year in US dollar denomination with a target aggregate minimum amount of USD400 million. The government aims to raise USD200 million each from the five-year dollar-denominated bonds and 10-year notes.

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(i) The government has put the Luzon island, including Metro Manila, under an “enhanced community quarantine” starting 12 March 2020; (ii) Suspension of flights from high-risk economies; (iii) 12 May 2020, The government announced an easing in quarantine measures in many areas of the country after 15 May 2020 but will extend lockdowns in certain areas in the National Capital Region (NCR), Cebu City, and Laguna province; (iv) 28 May 2020, The Government announced the easing of lockdown measures in NCR and remaining areas under enhanced community quarantine by 1 June 2020; (v) 3 June 2020, Domestic flights for essential travel resumed; (vi) 7 July 2020, Authorities lifted restrictions on non-essential outbound travel. On 23 October 2020, Authorities announced that foreigners with investors visa will be allowed entry into the country starting 1 November 2020. On 29 December 2020, Authorities announced a ban on travelers from 20 countries, including the United Kingdom, where the new coronavirus variant has been detected from 30 December 2020 to 15 January 2021. On 15 January 2021, the travel ban was extended to 31 January and applied to 32 countries. 27 April 2021, Travelers from India has been banned from entry into the country from 29 April 2021 until 14 May 2021. 5 May 2021, Travelers from Pakistan, Bangladesh, Nepal, and Sri Lanka have all been banned from entry into the country beginning 7 May until 14 May 2021. 1 June 2021, Restrictions currently imposed on inbound travelers coming from India, Pakistan, Sri Lanka, Bangladesh, Nepal, Oman, and the United Arab Emirates has been extended until 15 June 2021. 14 June 2021, Entry restrictions on passengers coming from India, Pakistan, Bangladesh, Sri Lanka, Nepal, United Arab Emirates, and Oman have been extended until the 30 June 2021. 29 June 2021, Travel ban from these countires has been extended until 15 July 2021. 14 July 2021, the travel ban now includes Indonesia amid the Delta variant threat. 25 July 2021, Travelers from Thailand and Malaysia will be prohibited from entering the Philippines amid the threat posed by the more transmissible Delta variant until 31 July 2021. 30 July 2021, Leisure point-to-point flights are suspended, for areas under general community quarantine with heightened restrictions (GCQ-HR). 6 September 2021, Travel ban has been lifted for India, Pakistan, Bangladesh, Sri Lanka, Nepal, United Arab Emirates, Oman, Thailand, Malaysia, and Indonesia. Inbound passengers are, however, still required to comply with the appropriate entry, testing, and quarantine protocols. 11 October 2021, The UK removes the Philippines from the “travel red list". 29 October 2021, The Philippines has put the PRC and 45 other countries in its green list [update]. 3 November 2021, Israel now accepts vaccinated Filipino tourists [update]; (vii) 27 February 2021, The government announced that it is no longer mandatory for travelers to undergo COVID-19 testing and quarantine, except if the local government unit (LGU) of destination will make testing as a requirement prior to travel. Testing will be limited to RT-PCR test; (viii) 11 March 2021, A uniform and longer curfew hours will be imposed in the NCR for two weeks from 15 March 2021 in response to the surge of COVID-19 infections in the region; (ix) 17 March 2021, Entry of foreigners and returning overseas Filipinos (ROFs) who are considered as non-overseas Filipino workers (OFWs) is suspended from March 20 until April 19 amid a spike in Covid-19 cases and the entry of new variants in the country; (x) 27 March 2021, NCR+ (National Capital Region, Bulacan, Cavite, Laguna and Rizal) was put under enhanced community quarantine (ECQ) for one week from 29 March to 4 April 2021. 3 April 2021, ECQ was further extended for another week until 11 April 2021. 11 April 2021, NCR+ has been put under the less restrictive modified enhanced community quarantine (MECQ) until 30 April 2021. 28 April 2021, MECQ was further extended until 14 May 2021 while the rest of the country will be under the less restrictive General Community Quarantine (GCQ). 13 May 2021, NCR+ has been put under stricter GCQ  beginning 15 May 2021, and on 1 June 2021, it was further extended until 15 June 2021. On 13 June 2021, The Philippine National Police (PNP) will maintain heightened measures on border control points so that the virus will no longer spread from one place to another. On 15 June 2021, NCR+ is still placed under GCQ with more relaxed restrictions. 16 July 2021, Metro Manila has been placed under a more relaxed GCQ. 30 July 2021, “additional (heightened) restrictions” has been imposed in Metro Manila unitl 5 August 2021, and will shift to ECQ from 6 to 20 August 2021. 21 August 2021, quarantine status in NCR, Laguna, Bataan downgraded to MECQ. 7 September 2021, Metro Manila will remain under the stricter MECQ until 15 September 2021; (xi) 4 June 2021, All individuals who are fully vaccinated against COVID-19 in the Philippines can leave and enter the country with shorter quarantine period of 7 days upon return. 11 June 2021, Fully vaccinated senior citizens residing in areas under GCQ and modified GCQ (MGCQ) have been allowed to travel within their zone. Interzonal travel is still prohibited, except for point-to-point travel that was previously allowed. 24 October 2021, 14 Philippine destinations have waived RT-PCR and antigen testing for fully vaccinated guests [update]; (xiii) 22 July 2021, An initial three chartered flights will bring home stranded overseas Filipino workers (OFWs) from the Middle East next week and early next month; (xiv) 30 August 2021, The OneHealthPass for travelers and returning overseas Filipinos will be implemented beginning 1 September 2021. The The OneHealthPass is an online platform that aims to promote the convenient and seamless movement of international travelers from departure from the country of origin to arrival at the local government unit of destination; (xv) 6 September 2021, The Philippines has adopted a new Red-Yellow-Green system that will limit international arrivals. The new listing is based on incidence rates and case counts as primary criteria and testing data as secondary criteria. Yellow list countries are classified as moderate risk, red list countries are classified as moderate risk. The green list (low risk countries) has been in place prior to the red and yellow tiers (For details and list of countries in these tiers, see 19 September 2021, the government has released an updated roster of “red, yellow, and green” states and territories to take effect until 30 September 2021. Grenada, Papua New Guinea, Serbia and Slovenia have been added to the red list. 8 October 2021, fully-vaccinated international travelers from “green” or “yellow” states need to undergo facility-based quarantine until the release of the negative result of their RT-PCR test taken on their fifth day in the country. They shall then be required to undergo home quarantine until their 10th day, with the day of arrival as their first day. Those unvaccinated or partially vaccinated, as well as those with unverified vaccination status are required to undergo facility-based quarantine until the release of the negative result of their RT-PCR test taken on their seventh day in the country; (xvi) 16 September 2021, Start of the pilot implementation of granular lockdowns and alert level system until 30 September 2021. Under the granular lockdown, the government can put high-risk areas under ECQ while the rest of the country are under GCQ. Meanwhile, the new community quarantine classifications will have five alert levels that would determine the activities allowed in cities and/or municipalities (For details, see 16 September 2021, Some 57 areas in NCR have been put under granular lockdown. Metro Manila is under Alert Level 4 of the five-tier alert system, to strike a balance between curbing Covid-19 spread and slowly reopening economic activities. 20 October 2021, The alert level system (ALS) initially piloted in Metro Manila will be implemented in other provinces until the end of the month. 5 November 2021, Metro Manila will be under a more relaxed Alert Level 2 quarantine classification until 21 November 2021 [update]; 11 November 2021, The government has authorized the nationwide the Alert Levels System (ALS) to contain the spread of COVID-19 in the country [update]; (xvii) 4 November 2021, The passenger capacity for rail lines and selected public utility vehicles (PUVs) operating in Metro Manila and adjacent provinces is increased from the current 50% to 70% [update].

12B - Measures affecting business and workplace

(i) The government has put the Luzon island, including Metro Manila, under an “enhanced community quarantine” starting 12 March 2020; (ii) 12 May 2020, The government announced an easing in quarantine measures in many areas of the country after 15 May 2020 but will extend lockdowns in certain areas in the National Capital Region, Cebu City, and Laguna province; (iii) 28 May 2020, The government announced the easing of lockdown measures in the National Capital Region and remaining areas under enhanced community quarantine by 1 June 2020; (iv) 12 February 2021, The government has approved the reopening of driving schools, traditional cinemas, and video and interactive-game arcades, libraries, archives, museums, and cultural centers and limited tourist attractions like parks, theme parks, natural sites, and historical landmarks. Also allowed are conduct of meetings, incentives, conferences and exhibitions, and limited social events at credited establishments of the DOT; (v) 20 October 2021, Only 30 public schools will proceed with the pilot run of limited face-to-face classes set on 15 November 2021.

12C - Others

(i) School closures starting 12 March 2020 and restrictions on mass gatherings. While schools have remained closed, limited gatherings have been allowed following the easing of community quarantine levels per locality; (ii) 4 February 2021, The “no-disconnection policy” for low-income households that are unable to pay their electricity bills amid the COVID-19 pandemic, has been extended until 31 January 2021; (iii) 12 February 2021, The government has relaxed the restrictions on religious gatherings in areas placed under GCQ beginning 15 February 2021 allowing up to 50% of the seating or venue capacity; (iv) 11 June 2021, The government allowed the opening of indoor non-contact sports venues with Safety Seal Certifications such as gyms, fitness studios, skating rinks, and racket sports courts in the NCR+ areas at 30% venue capacity; and historical sites and museums in the at 20% venue capacity following health and safety protocols and the approval of the local government unit where these sites may be situated; (v) 9 July 2021, Children as young as 5 years old can now go outdoors despite the prevailing coronavirus disease 2019 (Covid-19) pandemic, as long as they are residing in areas placed under GCQ and modified GCQ (MGCQ). 23 July 2021, Children below 18 years old would have to stay at home as the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) suspended its earlier resolution allowing them outdoors due to the threat of the highly contagious Delta variant; (vi) 10 August 2021, Outdoor exercise is barred during ECQ in Metro Manila; (vii) 11 August 2021, All individuals who are fully vaccinated but have direct contact with a person infected with COVID-19 must undergo a mandatory 14-day quarantine period; (viii) 22 September 2021, Filipinos are no longer required to wear face shields outdoors, however, the use of face shields, on top of face mask, may be limited to high-risk activities under the three Cs – closed, crowded and close contact; (ix) 15 November 2021, The Department of Education announces that face-to-face (F2F) classes will resume for 100 participating schools [update]. The Commission on Higher Education announces that limited in-person classes in all degree programs have been allowed for up to 50% capacity in areas under Alert Level 2 [update].