Obbligazione Filipinas 2.95% ( US718286CH84 ) in USD

Emittente Filipinas
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Filippine
Codice isin  US718286CH84 ( in USD )
Tasso d'interesse 2.95% per anno ( pagato 2 volte l'anno)
Scadenza 05/05/2045



Prospetto opuscolo dell'obbligazione Philippines US718286CH84 en USD 2.95%, scadenza 05/05/2045


Importo minimo 200 000 USD
Importo totale 1 350 000 000 USD
Cusip 718286CH8
Coupon successivo 05/05/2026 ( In 66 giorni )
Descrizione dettagliata Le Filippine sono un arcipelago di oltre 7000 isole nel sud-est asiatico, caratterizzato da una ricca biodiversitā, una cultura variegata e una storia complessa influenzata da colonizzazioni spagnola e americana.

The Obbligazione issued by Filipinas ( Philippines ) , in USD, with the ISIN code US718286CH84, pays a coupon of 2.95% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 05/05/2045







PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JANUARY 2, 2018
6MAR202009403729
Republic of the Philippines
US$1,000,000,000 2.457% Global Bonds due 2030
US$1,350,000,000 2.950% Global Bonds due 2045
The Republic of the Philippines (the ``Republic'') is offering US$1,000,000,000 in aggregate principal amount of its 2.457%
bonds due 2030 (the ``2030 global bonds'') and US$1,350,000,000 in aggregate principal amount of its 2.950% bonds due 2045
(the ``2045 global bonds'', together with the 2030 global bonds, the ``global bonds''). Interest on the 2030 global bonds will be
payable on May 5 and November 5 in each year. The first interest payment on the 2030 global bonds will be made on
November 5, 2020 in respect of the period from (and including) May 5, 2020 to (but excluding) November 5, 2020. Interest on
the 2045 global bonds will be payable on May 5 and November 5 in each year. The first interest payment on the 2045 global
bonds will be made on November 5, 2020 in respect of the period from (and including) May 5, 2020 to (but excluding)
November 5, 2020. The Republic may not redeem the global bonds prior to their maturity. The 2030 global bonds and the 2045
global bonds will mature at par on May 5, 2030 and May 5, 2045, respectively.
The global bonds will be the direct, unconditional, unsecured and general obligations of the Republic and will rank without
any preference among themselves and equally with all other present and future unsecured and unsubordinated external
indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make
payments under the global bonds ratably with payments being made under any other external indebtedness of the Republic.
The global bonds will be designated Collective Action Securities issued under a fiscal agency agreement, as supplemented,
and constitute a separate series of debt securities under the fiscal agency agreement. The fiscal agency agreement contains
provisions regarding future modifications to the terms of the global bonds that differ from those applicable to the Republic's
outstanding external public indebtedness issued prior to February 1, 2018. Under these provisions, which are described in the
section entitled ``Description of the Global Bonds,'' the Republic may, among other things, amend the payment provisions of
any series of debt securities (including the global bonds) and other reserve matters listed in the fiscal agency agreement with the
consent of the holders of: (i) with respect to a single series of debt securities, more than 75% of the aggregate principal amount
of the outstanding debt securities of such series; (ii) with respect to two or more series of debt securities, if certain ``uniformly
applicable'' requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all
series affected by the proposed modification, taken in the aggregate; or (iii) with respect to two or more series of debt
securities, more than 662/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the
proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt
securities of each series affected by the proposed modification, taken individually.
The offering of the global bonds is conditional on the receipt of certain approvals of the Monetary Board of the Bangko
Sentral ng Pilipinas, the central bank of the Republic.
The global bonds are being offered globally for sale in the jurisdictions where it is lawful to make such offers and sales.
Application has been made to admit the global bonds to listing on the Official List of the Luxembourg Stock Exchange and to
trading on the Euro MTF Market (``Euro MTF''). We cannot guarantee that the application to the Luxembourg Stock Exchange
will be approved, and settlement of the global bonds is not conditional on obtaining the listing. This prospectus supplement
together with the accompanying prospectus constitute a prospectus for the purpose of Part IV of the Luxembourg law on
prospectuses for securities dated July 16, 2019.
We expect to deliver the global bonds to investors in registered book-entry form only through the facilities of The
Depository Trust Company (``DTC''), Clearstream Banking, S.A. (``Clearstream, Luxembourg'' or ``Clearstream''), and Euroclear
Bank, SA/NV (``Euroclear'' or the ``Euroclear System''), on or about May 5, 2020.
2030 global bonds
2045 global bonds
Per Bond
Total
Per Bond
Total
Price to investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.000%
$1,000,000,000
100.000%
$1,350,000,000
Underwriting discounts and commissions . . . . . . . . . . . . . . . . .
0.050%
$
500,000
0.050%
$
675,000
Proceeds, before expenses, to the Republic . . . . . . . . . . . . . . . .
99.950%
$ 999,500,000
99.950%
$1,349,325,000
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
Joint Lead Managers and Joint Bookrunners
Citigroup
Credit Suisse
Morgan Stanley
Goldman Sachs
Standard
UBS
Chartered Bank
The date of this prospectus supplement is April 27, 2020.


[THIS PAGE INTENTIONALLY LEFT BLANK]
S-2


TABLE OF CONTENTS
Prospectus Supplement
Pages
INTRODUCTORY STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-5
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-9
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-10
DESCRIPTION OF THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
GLOBAL CLEARANCE AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-32
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-35
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-39
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-45
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-45
WHERE YOU CAN FIND MORE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . .
S-46
TABLE OF CONTENTS
Prospectus
Pages
ABOUT THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
DATA DISSEMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
RATINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
DESCRIPTION OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Description of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
General Terms of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Payments of Principal Premium and Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Repayment of Funds; Prescription . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Global Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Description of the Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Limitations on Issuance of Bearer Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Ranking Provisions of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
COLLECTIVE ACTION SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . .
34
EXPERTS; OFFICIAL STATEMENTS AND DOCUMENTS . . . . . . . . . . . . . . . . . . . . . . . . .
34
FURTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
S-3


You should read this prospectus supplement along with the prospectus that accompanies it. You
should rely only on the information contained or incorporated by reference in this document and the
accompanying prospectus or to which we have referred you. We have not authorized anyone to provide
you with information that is different. This document may only be used where it is legal to sell these
securities. This document and the accompanying prospectus may only be used for the purposes for
which they have been published. The information in this prospectus supplement and the accompanying
prospectus may only be accurate as of the date of this prospectus supplement or the accompanying
prospectus, as applicable. Terms used herein but not otherwise defined shall have the meaning given to
them in the prospectus that accompanies this prospectus supplement.
INTRODUCTORY STATEMENTS
The Republic accepts responsibility for the information that is contained in this prospectus
supplement and the prospectus that accompanies it. To the best of the knowledge and belief of the
Republic (which has taken all reasonable care to ensure that such is the case), the information
contained in this prospectus supplement and the accompanying prospectus is in accordance with the
facts and does not omit anything likely to affect the import of such information.
The Republic is a foreign sovereign state. Consequently, it may be difficult for you to obtain or
realize upon judgments of courts in the United States against the Republic. See ``Description of the
Securities--Description of the Debt Securities--Jurisdiction and Enforceability'' in the accompanying
prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering
of the global bonds may be legally restricted in some countries. If you wish to distribute this prospectus
supplement or the accompanying prospectus, you should observe any applicable restrictions. This
prospectus supplement and the accompanying prospectus should not be considered an offer, and it is
prohibited to use them to make an offer, in any state or country in which the making of the offering of
the global bonds is prohibited. For a description of some restrictions on the offering and sale of the
global bonds and the distribution of this prospectus supplement and the accompanying prospectus, see
``Underwriting'' on page S-39.
This document is only being distributed to and is only directed at (A) persons who are outside the
United Kingdom and (B) persons in the United Kingdom that are qualified investors within the
meaning of Article 2(e) of the Prospectus Regulation that are also (i) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(the ``Order'') or (ii) high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as ``relevant persons''). The global bonds are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such global bonds will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or rely on this document or
any of its contents.
Notification under Section 309B(1) of the Securities and Futures Act, Chapter 289 of Singapore--
The global bonds are prescribed capital markets products (as defined in the Securities and Futures
(Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS
Notices SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
All references in this prospectus supplement (a) to the ``Republic'' or the ``Philippines'' are to the
Republic of the Philippines, (b) to the ``Government'' are to the national government of the Philippines
and (c) to ``Bangko Sentral'' or ``BSP'' are to Bangko Sentral ng Pilipinas, the central bank of the
Philippines.
13MAR202014173497
Unless otherwise indicated, all references in this prospectus supplement to `` '' are to the lawful
national currency of the Philippines, those to ``dollars,'' ``U.S. dollars,'' ``US$'' or ``$'' are to the lawful
currency of the United States of America.
S-4


SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the
accompanying prospectus. You should read the entire prospectus supplement and the accompanying
prospectus carefully.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . .
Republic of the Philippines.
Bonds . . . . . . . . . . . . . . . . . . . . . . . . .
The US$1,000,000,000 2.457% global bonds due 2030 (the
``2030 global bonds''), and the US$1,350,000,000 2.950%
global bonds due 2045 (the ``2045 global bonds'')
Interest . . . . . . . . . . . . . . . . . . . . . . . .
The 2030 global bonds will bear interest at 2.457% from
May 5, 2020, payable semi-annually in arrears.
The 2045 global bonds will bear interest at 2.950% from
May 5, 2020, payable semi-annually in arrears.
Issue Date . . . . . . . . . . . . . . . . . . . . . .
The 2030 global bonds: May 5, 2020
The 2045 global bonds: May 5, 2020
Interest Payment Dates . . . . . . . . . . . . .
With respect to both the 2030 global bonds and the 2045
global bonds:
May 5 and November 5 of each year, payable to the
persons who are registered holders thereof at the close of
business on the preceding April 30 or October 31, as
applicable, whether or not a business day. The first interest
payment will be made on November 5, 2020 in respect of
the period from (and including) May 5, 2020 to (but
excluding) November 5, 2020.
Maturity Date . . . . . . . . . . . . . . . . . . .
The 2030 global bonds: May 5, 2030
The 2045 global bonds: May 5, 2045
Issuer Redemption . . . . . . . . . . . . . . . .
The Republic may not redeem the global bonds prior to
maturity.
Status of Bonds . . . . . . . . . . . . . . . . . .
The global bonds will be direct, unconditional, unsecured
and general obligations of the Republic and will rank
without any preference among themselves and equally with
all other present and future unsecured and unsubordinated
External Indebtedness (as defined in the accompanying
prospectus) of the Republic. It is understood that this
provision shall not be construed so as to require the
Republic to make payments under the global bonds ratably
with payments being made under any other external
indebtedness of the Republic. The full faith and credit of
the Republic will be pledged for the due and punctual
payment of all principal and interest on the global bonds.
See ``Description of the Securities--Description of the Debt
Securities--Status of Bonds'' in the accompanying
prospectus and ``Description of the Global Bonds.''
S-5


Negative Pledge . . . . . . . . . . . . . . . . . .
With certain exceptions, the Republic has agreed that it will
not create or permit to subsist any Lien (as defined in the
accompanying prospectus) on its revenues or assets to
secure External Public Indebtedness (as defined in the
accompanying prospectus) of the Republic, unless at the
same time or prior thereto, the global bonds are secured at
least equally and ratably with such External Public
Indebtedness. The international reserves of Bangko Sentral
represent substantially all of the official gross international
reserves of the Republic. Because Bangko Sentral is an
independent entity, the Republic and Bangko Sentral
believe that the international reserves owned by Bangko
Sentral are not subject to the negative pledge covenant in
the global bonds and that Bangko Sentral could in the
future incur External Public Indebtedness secured by such
reserves without securing amounts payable under the global
bonds. See ``Description of the Securities--Description of
the Debt Securities--Negative Pledge Covenant'' in the
accompanying prospectus.
Taxation . . . . . . . . . . . . . . . . . . . . . . . .
The Republic will make all payments of principal and
interest in respect of the global bonds free and clear of,
and without withholding or deducting, any present or future
taxes of any nature imposed by or within the Republic,
unless required by law. In that event, the Republic will pay
additional amounts so that the holders of the global bonds
receive the amounts that would have been received by them
had no withholding or deduction been required, subject to
certain exceptions. See ``Description of the Securities--
Description of the Debt Securities--Additional Amounts''
in the accompanying prospectus.
S-6


Collective Action Clauses . . . . . . . . . . .
The global bonds will be designated Collective Action
Securities issued under a fiscal agency agreement, as
supplemented, and constitute a separate series of debt
securities under the fiscal agency agreement. The fiscal
agency agreement contains provisions regarding future
modifications to the terms of the global bonds that differ
from those applicable to the Republic's outstanding external
public indebtedness issued prior to February 1, 2018. Under
these provisions, which are described in the section entitled
``Description of the Global Bonds,'', the Republic may,
among other things, amend the payment provisions of any
series of debt securities (including the global bonds) and
other reserve matters listed in the fiscal agency agreement
with the consent of the holders of: (i) with respect to a
single series of debt securities, more than 75% of the
aggregate principal amount of the outstanding debt
securities of such series; (ii) with respect to two or more
series of debt securities, if certain ``uniformly applicable''
requirements are met, more than 75% of the aggregate
principal amount of the outstanding debt securities of all
series affected by the proposed modification, taken in the
aggregate; or (iii) with respect to two or more series of
debt securities, more than 662/3% of the aggregate principal
amount of the outstanding debt securities of all series
affected by the proposed modification, taken in the
aggregate, and more than 50% of the aggregate principal
amount of the outstanding debt securities of each series
affected by the proposed modification, taken individually.
Cross-Defaults . . . . . . . . . . . . . . . . . . .
Events of default with respect to the global bonds include
(i) if the Republic fails to make a payment of principal,
premium, prepayment charge or interest when due on any
External Public Indebtedness with a principal amount equal
to or greater than $25,000,000 or its equivalent, and this
failure continues beyond the applicable grace period; or
(ii) if any External Public Indebtedness of the Republic or
the central monetary authority in principal amount equal to
or greater than $25,000,000 is accelerated, other than by
optional or mandatory prepayment or redemption. See
``Collective Action Securities--Events of Default: Cross
Default and Cross Acceleration'' in the accompanying
prospectus.
Listing . . . . . . . . . . . . . . . . . . . . . . . . .
The Republic is offering the global bonds for sale in the
United States and elsewhere where such offer and sale is
permitted. Application has been made to admit the global
bonds to listing on the Official List of the Luxembourg
Stock Exchange and to trading on the Euro MTF. The
Republic cannot guarantee that the application to the
Luxembourg Stock Exchange will be approved, and
settlement of the global bonds is not conditional on
obtaining the listing.
S-7


Form, Denomination and Registration . .
The global bonds will be issued in fully registered form in
minimum denominations of $200,000 and integral multiples
of $1,000 in excess thereof. The global bonds will be
represented by one or more global securities registered in
the name of a depositary, its nominee or a custodian.
Beneficial interests in the global securities will be shown
on, and the transfer thereof will be effected only through,
records maintained by the depositary and its direct and
indirect participants.
Settlement of all secondary market trading activity in the
global bonds will be made in immediately available funds.
See ``Description of the Securities--Description of the Debt
Securities--Global Securities'' in the accompanying
prospectus.
Further Issues . . . . . . . . . . . . . . . . . . .
The Republic may from time to time, without notice to or
the consent of the registered holders of the global bonds,
issue further bonds which will form a single series with the
global bonds. See ``Collective Action Securities--Further
Issues of Debt Securities'' in the accompanying prospectus.
Use of Proceeds . . . . . . . . . . . . . . . . . .
The Republic intends to use the net cash proceeds from the
sale of the global bonds for general purposes of the
Republic, including budgetary support.
Fiscal Agent . . . . . . . . . . . . . . . . . . . . .
The Bank of New York Mellon (as successor in interest to
JPMorgan Chase Bank, N.A.).
Governing Law . . . . . . . . . . . . . . . . . . .
The Fiscal Agency Agreement (as defined below) and the
global bonds will be governed by and interpreted in
accordance with the laws of the State of New York. The
laws of the Republic will govern all matters governing
authorization and execution of the Fiscal Agency
Agreement and the global bonds by the Republic.
S-8


USE OF PROCEEDS
The Republic intends to use the net cash proceeds from the sale of the global bonds for general
purposes of the Republic, including budgetary support. None of the underwriters shall have any
responsibility for the application of the net cash proceeds from the sale of the global bonds.
S-9


RECENT DEVELOPMENTS
The information contained in this section supplements the information about the Republic
corresponding to the headings below that is contained in Exhibit 99.D to the Republic's annual report on
Form 18-K for the fiscal year ended December 31, 2018. To the extent the information in this section differs
from the information contained in such annual report, you should rely on the information in this section.
Capitalized terms not defined in this section have the meanings ascribed to them in the annual report.
Comprehensive Tax Reform Program
As part of Package Plus 2 under the Comprehensive Tax Reform Program, on January 22, 2020,
President Rodrigo R. Duterte signed into law Republic Act No. 11467, which further increased excise
taxes on alcohol, heated tobacco products, and e-cigarettes to support the Universal Health Care Act.
The same law exempts the sale and importation of prescription drugs for cancer, kidney diseases,
tuberculosis, and mental illnesses, among other illnesses, from 12% value-added tax beginning
January 1, 2023.
COVID-19
COVID-19, an infectious disease that was first reported to have been transmitted to humans in
late 2019, has spread globally over the course of 2020, and in March 2020 it was declared as a
pandemic by the World Health Organization. On January 30, 2020, the Philippines reported its first
confirmed case of COVID-19. The subsequent spread of the disease has since resulted in 7,579
confirmed cases and the death of 501 people in the Philippines as of April 26, 2020, according to the
Philippine Department of Health. The Government, on a national and local level, has been
implementing a number of measures in varying degrees to contain the spread of COVID-19, including,
among others, social distancing measures, implementation of self-isolation and community quarantine
measures, closure of schools, suspension of mass public transport facilities, restrictions on public
gatherings, suspension of operations of non-essential businesses and travel restrictions. The Republic
has adopted a socioeconomic strategy anchored on four pillars: emergency support for vulnerable
groups, marshaling resources to defeat COVID-19, emergency fiscal and monetary actions to keep the
economy afloat, and an economic recovery plan. The following measures, among others, have been
adopted in an effort to alleviate COVID-19's adverse impact on the Philippine economy and stabilize
the Philippine financial markets:
(i) the Philippine Department of Finance (``DOF'') announced a P27.1-billion spending plan,
allocated as follows: P3.1 billion for the purchase of COVID-19 test kits; P14 billion to
support the tourism industry; P3 billion for the Technical Education and Skills Development
Authority scholarship programs for displaced workers, P2.8 billion as aid for farmers;
P2 billion for the Philippine Department of Labor and Employment to provide financial
assistance to displaced workers; P1.2 billion for Social Security System unemployment
benefits; and P1 billion for the Philippine Department of Trade and Industry to finance small
and medium enterprises affected by COVID-19;
(ii) the Philippine Department of Labor and Employment issued Department Order No. 209, the
COVID-19 Adjustment Measures Program, through which one-time lump sum payments of
P5,000 are to be provided to workers whose companies either implemented flexible work
arrangements or had to close temporarily because of enhanced community quarantine
measures;
(iii) in response to drastic drops in the benchmark Philippine Stock Exchange Composite Index
(``PSEi''), President Rodrigo Duterte issued Proclamation No. 929 on March 17, 2020,
suspending stock, bond and currency trading in the Philippines. Trading resumed on March 19,
S-10


Document Outline