Last month, Finance Undersecretary Mark Dennis Joven said there was no need for additional loans yet to cover the over P11-billion balance.
In all, the national government allocated P82.5 billion for vaccine procurement and rollout this year, including P2.5 billion in the Department of Health’s budget plus the P10 billion released to the DOH in February under the Bayanihan to Recover as One Act or Bayanihan 2 law.The government targets to vaccinate 70 million Filipinos or the entire adult population by the end of the year to achieve herd immunity, which will lead to the reopening of the economy.
The World Bank’s additional financing for the Philippines’ COVID-19 emergency response project took effect on March 31. This means the DOH, which implements the nationwide inoculation program, can draw from these funds to directly pay vaccine suppliers.The ADB’s and AIIB’s combined financing of $700 million for the DOH’s $714.57-million second health system enhancement to address and limit COVID-19 project had yet to take effect.
Last year, the DOF secured $13.35 billion in foreign financing for budgetary support to COVID-19 response, mostly from loans extended by development banks as well as bilateral partners like France, Japan and South Korea.
Source: Loan News Today (loannewstoday.net)
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