PH, South Korea sign $100M loan deal for COVID-19 vax program

The Philippines and South Korea signed a $100 million loan agreement on Friday to support the country's COVID-19 vaccination program.

Finance Secretary Carlos Dominguez III signed the deal on behalf of the Philippines, while Jaejeong Moon from KEXIM-EDCF represented South Korea.

This is part of the second phase of the Program Loan for COVID-19 Emergency Response Program—Vaccination Program (PLCERP II).

The loan aims to help secure financial sustainability and fill budgetary gaps in implementing the national vaccination program, with a fixed interest rate of 1.5% over 30 years including a 10-year grace period.

South Korea's Ambassador Kim Inchul noted that this agreement allows Korea to contribute further to the Philippines' efforts against the pandemic and towards early economic recovery.