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FINANCE Secretary Carlos Domínguez III has identified three sources for his planned fund for the P73.2 billion Covid-19 vaccine that will allow the government to inoculate 60 million Filipinos against the deadly coronavirus.
In his report to President Rodrigo Duterte during a televised meeting in the city of Davao on Monday night, Domínguez said the estimates were based on an average vaccine cost of P1,200 per person.
The Secretary of Health, Francisco Duque III, said during the meeting that the inoculation of 60 million Filipinos could allow the country to achieve “herd immunity,” according to the pronouncements of the World Health Organization (WHO).
“Herd immunity” is a vaccination term in which a population protects itself from a particular virus after reaching a threshold or a certain number of vaccinated people.
Domínguez informed the president that financing sources include multilateral institutions such as the Asian Development Bank (ADB) and the World Bank (WB), of which the government can obtain around P40 billion through “long-term loans and Low cost”.
Local sources
The government is also leveraging P20 billion from national government financial institutions such as the Land Bank of the Philippines, the Development Bank of the Philippines, and government-owned and controlled corporations, Domínguez said.
Domínguez said the remaining P13.2 billion will come from bilateral negotiations with countries where the vaccines would originate, such as the United States and the United Kingdom. (PR)
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