Philippines borrows at least 32.6 billion pesos for COVID-19 recall and children’s injections

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Loans from Wolrld Bank, AfDB, AIIB and South Korea will be used to fund booster injections and doses for minors

MANILA, Philippines – The Philippines has secured $ 650 million (about 32.6 billion pesos) from multilateral lenders to bolster its ongoing COVID-19 vaccination program.

world Bank

On Wednesday, December 22, the World Bank approved a loan of $ 300 million under the COVID-19 Emergency Response Project in the Philippines – Additional Funding 2 (PCERP-AF2).

It will cover the purchase and delivery of doses for people aged 12 to 17 years, additional doses for people with co-morbidities or who are immunocompromised, as well as booster doses for health workers and the general population.

Ndiamé Diop, World Bank country director for the Philippines, said the funding is expected to provide around 27 million doses of COVID-19 vaccines and also fund primary doses for children under 12 in support of country’s efforts to reopen schools safely.

The funding builds on previous World Bank $ 100 million funding approved in April 2020, as well as the $ 500 million loan approved in March 2021. (READ: Philippines closes reminder gap COVID-19 and the last dose)

ADB, AIIB

On December 13, the Asian Development Bank (AfDB) approved a loan of $ 250 million to guarantee an additional 40 million doses of COVID-19 vaccines, intended for eligible children and booster injections for adults.

The loan is part of the second strengthening of the health system to face and limit COVID-19 as part of the additional funding of the Asia-Pacific Vaccine Access Facility (HEAL2) and will be co-financed by the Asian Infrastructure Investment Bank (AIIB).

The latest funding builds on previous ADB loan support, which reached around $ 3 billion.

South Korea

The Philippines and South Korea signed a loan of $ 100 million for the COVID-19 vaccination program.

The loan agreement is part of South Korea’s second phase of the loan program for the COVID-19 Emergency Response Program-Immunization Program (PLCERP II).

In October last year, South Korea provided a $ 100 million loan to the government for the first phase of the PLCERP, “which aimed to put in place systematic policy measures to address the public health challenges of the Philippines. caused by COVID-19 ”.

PLCERP II is payable over 30 years, including a 10-year grace period and with a fixed interest rate of 1.5%.

“This financial assistance from Korea will go a long way in helping the Duterte administration to relaunch its mass vaccination program against COVID-19 which is crucial for the strong rebound of our national economy by 2022,” the secretary said. to Finances Carlos Dominguez III. – Rappler.com

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