The government thanked its multilateral partner-institutions for extending a total of $1.2 billion in fresh loans to the Philippines to help fund the country’s coronavirus disease 2019 (Covid-19) vaccination program and its other pandemic response measures.
The loans provided by the World Bank (WB), Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) will secure the funding needed to procure Covid-19 vaccines and keep on track the government’s target to inoculate at least 70 million Filipinos or 100 percent of the country’s adult population, Finance Secretary Carlos Dominguez said.
“We thank our multilateral development partners–the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank– for stepping up their support for the Philippines’ Covid-19 response measures, particularly our ongoing efforts to secure these life-saving doses for our people and fast-track our vaccination rollout,” he said.
Dominguez said the prompt and substantial financing extended by the multilateral partners is crucial to the accomplishment of the Duterte administration’s target to inoculate at least 70 million Filipinos, or 100 percent of the adult population, “hopefully within this year so that we can safely open wide our economy and return it to its pre-pandemic path of high and inclusive growth”.
He said though that even if the government has secured sufficient funds for its vaccine procurement, the pace of the rollout will depend on how fast suppliers can deliver the ordered doses for the country.