The Philippine government has set aside funds to battle the coronavirus outbreak until the end of May — and has "a lot of headroom" to spend more if needed, the country's Secretary of Finance Carlos Dominguez said on Wednesday.

The Philippines is the second worst-hit country in Southeast Asia, behind only Malaysia. It has reported 3,764 cases of the coronavirus disease and 177 deaths so far, data compiled by Johns Hopkins University showed.

The government has planned around $23 billion in funding — or around 5% to 6% of its gross domestic product — for health-care and economic efforts, Dominguez told CNBC's "Street Signs Asia." He added that the Philippines is planning for a "bounce back" stimulus package to lift the economy out of the damage caused by the pandemic.

"Our original funding was really for two months, that is April and May. While we were not sure how long (COVID-19) will last, we think that conservative estimates would be until around the end of May, so we are ready until the end of May," he said.