PH secures $1.2B loans for COVID-19 vaccines

The Philippine government has secured loans worth $1.2 billion from three multilateral lenders, including the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank, for purchasing COVID-19 vaccines.

Finance Secretary Carlos Dominguez III expressed gratitude to these institutions for their prompt support in financing the national vaccination program.

The loans will help the government purchase vaccines through stringent procurement rules and guidelines set by the multilateral organizations.

Dominguez emphasized that this assistance reflects confidence in the Philippines' capability to effectively implement its COVID-19 response measures, including vaccine distribution.