DOF: $1.2B in loans secured for COVID-19 vaccines

The Department of Finance (DOF) announced on Tuesday that the government has secured $1.2 billion in loans from multilateral lenders, including $500 million from the World Bank and $400 million from the Asian Development Bank, for procuring COVID-19 vaccines.

These funds will be used to purchase vaccines directly from suppliers without passing through the Philippine government, as per ADB's loan terms.

The loans are part of the Philippines' efforts to vaccinate at least 70 million Filipinos and have a grace period of three years with full repayment over ten years.