Philippines negotiates $900M loans for COVID-19 boosters

The Philippines is negotiating with multilateral lenders such as the Asian Development Bank, World Bank, and Asian Infrastructure Investment Bank to secure PHP45.3 billion in loans for purchasing COVID-19 booster shots in 2022.

DOF Secretary Carlos Dominguez III confirmed that exploratory discussions have been initiated but specifics of the loan terms are still under negotiation.

The proposed PHP45.3 billion allocation is included in the unprogrammed appropriations of the 2022 National Expenditure Program, pending approval from the IATF on whether booster doses will be required.