MANILA, March 16 — Finance Secretary Carlos Dominguez III has thanked the Philippines’ multilateral partner-institutions for extending a total of US$1.2 billion in fresh loans to the government to help fund the country’s COVID-19 vaccination program and its other pandemic response.
The Philippines today became the first recipient of financing support under ADB's Asia Pacific Vaccine Access Facility with approval of a $400 million loan that will help the country purchase safe and effective vaccines against COVID-19.
By TED CORDERO, GMA News
Published March 12, 2021 10:37am
Updated March 12, 2021 11:04am The Asian Development Bank on Friday announced its approval of a $400-million loan to help the Philippines purchase vaccines against the coronavirus disease 2019 (COVID-19). In a statement, the Manila-based multilateral lender said the Philippines became the first recipient of financing support under its Asia Pacific Vaccine Access Facility (APVAX). “ADB’s support will boost the Philippine government’s urgent efforts to secure and deploy COVID-19 vaccines for all Filipinos, especially those who are vulnerable, such as frontline workers, the elderly, and poor and marginalized populations, as well as those at increased risk of severe illness,” said ADB President Masatsugu Asakawa.
The Philippines has secured $900 million (about ₱43.67 billion) in fresh funding from the World Bank and Asian Development Bank for its purchase of COVID-19 vaccines and measures in response to the health crisis.
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