THE Department of Finance (DOF) said the government has “lined up” P62.5 billion in loans from three multilateral development banks for the procurement of Covid-19 vaccines.
Finance Secretary Carlos G. Dominguez III on Tuesday gave the assurance that the DOF has secured the funding needed to inoculate the majority of Filipinos.
“The funds for the vaccine are P12.5 billion from the budget… “At the moment, we have already lined up P62 and a half billion from ADB [Asian Development Bank], AIIB [Asian Infrastructure Investment Bank] and World Bank, that’s $1.3 billion,” Dominguez said during the 72nd Inaugural Meeting of the Management Association of the Philippines (MAP).
In total, this would amount to P75 billion, which Dominguez said is “already in place.”
Sought to clarify whether the government has already secured the P62.5 billion in funding for vaccine procurement, Finance Undersecretary Mark Dennis Y.C. Joven told the BusinessMirror: “We are processing the loans which we have secured preliminary commitments from banks.”
Joven also clarified that P10 billion of the P12.5 billion is under Bayanihan 2 while the remaining P2.5 billion is appropriated under the 2021 national budget.
Nonetheless, Dominguez explained that P75 billion would cover the vaccination of around 57 million people if the vaccination would cost P1,300 per individual.
As for the remaining 13 million people, Dominguez said they expect them to be covered by local government units and the private sector, noting that there may also be those who don’t believe in vaccination.
The finance chief also pointed out that around 40 million out of 110 million people Filipinos are below the age of 18, adding that it is not recommended for them to get the vaccine, which leaves only 70 million Filipinos left to vaccinate.
“So basically we are going to be covered. And I think we will be able to easily now with the resources we have raised, to vaccinate 60 million Filipinos,” he said.
As reported earlier, several local government units (LGUs) in the country are racing to secure and distribute Covid-19 vaccines to their constituents, amid policy questions raised on the national government’s move to restrict their initiatives, and equity issues arising from concern that LGUs with meager funds might not be able to protect a critical mass of their population.
Image credits: AP