The Philippines has negotiated with the World Bank and Asian Development Bank to acquire additional funds for the Coronavirus Disease 2019 (COVID-19) vaccination program of the country.
In a hearing by the Senate Committee of the Whole, Department of Finance (DOF) Undersecretary Mark Dennis Joven disclosed that they have applied for a loan from the said banks worth $800 million or ₱39 billion.
In total, the Philippine government has allocated ₱82.5 billion for the vaccination program. ₱2.5B of the fund will come from the 2021 budget of the Department of Health (DOH), ₱10B from the Bayanihan 2 budget, and ₱70B will come from the country’s loans from multilateral lenders and bilateral partners of the country.
-PTV News
