The additional capitalization under Bayanihan 2 will bring PhilGuarantee’s equity to about P28 billion, which will have a guarantee capacity or leverage of 20 times or about P560 billion, Pascual had said.
The recent P45 billion Bayanihan 2 releases to PhilGuarantee and state-owned Development Bank of the Philippines and Land Bank of the Philippines raised total DBM fund release for COVID-19 response since the pandemic struck to P564.66 billion as of Feb. 10. With the Bayanihan 2 law’s validity extended until mid-2021, releases rose to P168.65 billion. Before the law expired on Dec. 19, 2020, the DBM released only P109.2 billion.At least P6.59 billion had been released from June to September 2020 after Bayanihan 1 lapsed but Bayanihan 2 was not yet enacted into law. Also, P3.28 billion was released when Bayanihan 2 expired and before its extended validity took effect on Feb. 2.