The government is eyeing to tap multilateral institutions for the P45.3 billion required to fund the coronavirus disease 2019 (COVID-19) booster shots, the Department of Finance (DOF) said.
Carlos Dominguez, DOF secretary, told reporters via Viber Tuesday night the 2022 national expenditure program includes an allocation of P45.3 billion for the procurement of COVID-19 booster vaccines, under the unprogrammed appropriations.
“The NTF (National Task Force against COVID-19), DOH (Department of Health) and DOF have initially identified multilateral and bilateral financial institutions as possible sources of funding for this allocation,” Dominguez said.
“In fact, exploratory discussions with the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB) and the World Bank have been initiated to help determine possible funding sources for additional vaccine requirements in 2022,” he added.
According to the finance chief, specific details of the possible funding requests are “still under negotiation.”
“We expect to execute loan agreements towards the end of the year,” Dominguez said.
On its website, DOF data showed that the Philippines was able to secure financing support from development partners and commercial markets for the country’s COVID-19 response amounting to $22.51 billion as of September 5, 2021.
Out of the total financing, the DOF said $19.72 billion has been disbursed to date.
It also said $20.06 billion in budgetary support financing came from the ADB, World Bank, AIIB, Agence Franí§aise de Développement, Japan International Cooperation Agency, Export-Import Bank of Korea-Economic Development Cooperation Fund and foreign currency denominated global bonds.
In addition, the DOF said grant and loan financing of $2.45 billion have been contracted in support of various projects implemented by agencies involved in the COVID-19 response. – Angela Celis
