PH receives $1.2B from multilateral partners for vax program

Finance Secretary Carlos Dominguez III expressed gratitude to multilateral partners for providing USD1.2 billion in financing for the Philippines' COVID-19 vaccination program, aiming to inoculate 70 million Filipinos.

The financing from the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank will directly cover the procurement of vaccines, adhering to stringent rules and global best practices.

Dominguez highlighted that the swift support from these institutions demonstrates their confidence in the Philippine government's capacity to manage its COVID-19 response effectively.

The secured loans include USD500 million from the WB, USD400 million from the ADB, and USD300 million from the AIIB, totaling approximately PHP58.4 billion.

ADB Vice President Ahmed Saeed noted the challenges developing countries face in securing vaccines due to stockpiling by wealthy nations, emphasizing the need for equitable access.

World Bank Vice President Victoria Kwakwa stated the additional financing aims to enable large-scale vaccine rollout to protect lives, livelihoods, and facilitate the gradual return to normalcy.

AIIB Vice President D.J. Pandian affirmed the co-financing aligns with the bank's commitment to supporting members during the COVID-19 crisis and accelerating economic and social recovery.