DOF clarifies $1.2B loans secured for COVID-19 vaccines

The Department of Finance clarified that the total multilateral loans secured for the purchase of COVID-19 vaccines amount to $1.2 billion or approximately P58.4 billion.

These secured loans include $500 million from the World Bank, $400 million from the Asian Development Bank (ADB), and $300 million from the Asian Infrastructure Investment Bank (AIIB).

The World Bank and ADB loans, amounting to $900 million combined, are expected to be effective before the end of March, allowing direct payment to vaccine suppliers like Moderna.

The ADB loan would fund the procurement of COVID-19 vaccines for at least 70 million Filipinos, or 100% of the country's adult population.

Finance Secretary Carlos Dominguez III made the clarification following reports that the government's accumulated loans and DOH appropriations for vaccine procurement allegedly amount to P126.75 billion.

President Rodrigo Duterte reiterated that the government has not used any of the borrowed funds as they have yet to receive the purchased vaccine doses.

The government's initial vaccination rollout utilized donated vaccines from Sinovac and the COVAX facility.