PHL to secure additional ADB loan of $ 425 million for Covid vaccines
The Philippines is still processing an additional $ 425 million loan from the Asian Development Bank (ADB) to finance the country’s Covid-19 vaccine deployment.
At a Department of Health (DOH) media forum, Under Secretary of Finance Mark Dennis YC Joven said the Philippines is currently in the process of securing the AfDB loan for vaccinations, including logistics and manufacturing.
Joven also clarified that loans should not “always be seen in a bad light” because “borrowing allows us to finance expenses without having to impose additional taxes in the short term”.
He pointed out that the loan also allows the government to finance priority initiatives that are in line with the strategies identified in the Philippine Development Plan 2017-2022, which aims to lay the foundation for inclusive economic growth, reduction of poverty and global competitiveness. such as the response to Covid-19, the “Build, Build, Build” program and social protection projects.
Joven further clarified that the borrowings would not secure government assets, stressing that the DOF will not tolerate any violation of our law, such as collateral imposed on government-owned assets.
“When we negotiate loans, we always consider debt service payments. We don’t borrow money that we don’t intend to pay. We want to clarify that there is no provision in any of the loan agreements signed by the Philippine government under the current administration that includes any form of direct guarantee or security on government owned assets, ”he said. -he declares.
Meanwhile, AfDB Senior Health Specialist Dr Eduardo Banzon reported that AfDB has been able to mobilize around $ 20 billion as part of its efforts to finance the pandemic response. Covid-19 to help countries deal with the health aspect of Covid-19 and manage its negative economic impact by building the capacity of health systems to test, isolate and treat patients infected with the virus.
“What we’re trying to do is work with countries to make sure that these interventions and plans are actually implemented and to provide any additional support like technical advice that they need,” Banzon said.
For his part, Health Secretary Francisco T. Duque III said that in this time of crisis, every support they receive from the public and private sectors to help increase the country’s Covid-19 response is “much appreciated and is to be praised for the Bayanihan spirit they demonstrate.
“Through our whole-of-government and pan-Canadian initiatives, through our collaborative efforts like this one, we will be successful in overcoming this pandemic,” he said.