Manila Bulletin
$1.2-B loans secured to pay for COVID-19 vaccines —DOF
The Philippine government has secured sufficient funds, primarily through loans from development banks, to finance its COVID-19 vaccination program and achieve its goal of inoculating at least 70 million Filipinos within the year.
Finance Secretary Carlos Dominguez III emphasized that the substantial financing from multilateral partners is key to safely reopening the economy and restoring it to its pre-pandemic growth trajectory.
The Asian Development Bank (ADB) approved a $400 million loan, the World Bank provided $500 million, and the Asian Infrastructure Investment Bank (AIIB) committed $300 million, totaling $1.2 billion or over P58 billion in foreign loans.
These foreign loans are supplemented by P2.5 billion allocated in the 2021 national budget for the vaccination program and an additional P10 billion released by the Department of Budget and Management under the Bayanihan 2 Law.
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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.
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The Asian Development Bank (ADB) approved a $400 million loan to aid the Philippines in procuring COVID-19 vaccines.
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The World Bank has approved a US$500-million funding for the Philippines to support its vaccination program and overall pandemic response.
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The Philippines is expecting 2.3 million doses of COVID-19 vaccines until early April.
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An additional 400,000 doses of the Sinovac COVID-19 vaccine, donated by China, arrived in the Philippines on Wednesday morning, March 24, 2021.
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