DOF: Loans best approach for vaccine program

Finance Secretary Carlos Dominguez III says taking out loans is the best approach to finance the Philippines' coronavirus vaccine program.

The government has secured PHP58.4 billion in loans from multilateral institutions like the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank.

Total foreign borrowings and grants for pandemic response now stand at over P752 billion as of April 8, with recent loans amounting to USD1.2 billion signed last month.

These funds will help procure vaccines needed to inoculate at least 70 million adult Filipinos this year.