PH secures $800M loans for COVID-19 booster shots

The Philippines has secured approximately $800 million in loans from the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and the World Bank (WB) to fund the procurement of COVID-19 booster shots.

ADB and AIIB each provided $250 million, while WB contributed $300 million, with the loan agreements signed in December 2021.

The Department of Finance (DOF) is awaiting the Department of Justice's (DOJ) opinion on the financing agreements, which is expected by the latter part of January to finalize their effectivity.

The government has also withdrawn $80 million from a World Bank loan to support disaster relief efforts for areas affected by Typhoon Odette.

This borrowing comes as the Philippines battles a fresh surge in infections and has reduced the waiting time for booster doses to three months due to the Omicron variant.

As of December 30, 2021, the Bureau of Customs had cleared shipments of 210.44 million vaccine doses, which is more than enough to inoculate the country's adult and 12-17-year-old population.