Bank loan

Philippines gets additional World Bank loan for more vaccines

December 22, 2021 | 2:47 p.m.

MANILA, Philippines — The World Bank on Wednesday approved a new loan that would help fund the Philippine government’s purchase of additional coronavirus vaccines.

The “Philippines COVID-19 Emergency Response Project – Supplementary Financing 2” (PCERP-AF2) will cover the purchase and delivery of doses to people aged 12 to 17, as well as additional doses, in the part of the primary vaccination course, for people at risk. people, the Washington-based lender said in a statement.

The World Bank said the additional funding is enough to buy about 27 million doses of the vaccine. That said, the lender said the shots to be purchased using the loan can also be used as booster doses for health workers and the general population.

“This financing operation is essential for the country to be able to safely reopen the economy and resume economic and social development activities, including face-to-face learning, which have been disrupted by the COVID-19 pandemic. “, said Ndiamé Diop, country director at the World Bank, mentioned.

The latest funding builds on previous World Bank pandemic funding for the Philippines of $100 million in April last year and $500 million approved last March.

Finance department data showed the total financial cost of COVID-19-related loans amounted to $28.91 billion or 1.47 trillion pesos in November.

The outstanding balance or principal value of these coronavirus loans is $22.58 billion or 1.15 trillion pesos, while the expected amount of interest payments until maturity is 6.32 billion dollars or 320.85 billion pesos. These pandemic-era loans will mature between 2024 and 2060.

As of December 21, government data shows nearly 103 million doses of the vaccine have been administered in the country. —Ian Nicolas Cigaral