According to a report last month, loan disbursement stood at only 8 percent as of December last year even as the World Bank expects spending to reach 35 percent by March this year. On top of the release for vaccine procurement, the DBM also released to the DOH last Dec. 21 P388.15 million to cover the first-year funding requirements of the said World Bank project loan. Since the onset of the pandemic in March last year, the DBM released a total of P505.17 billion to departments and agencies for their respective Covid-19-related response programs, activities, and projects. To recall, the ADB had committed to lending the Philippines $325 million under its regional financing called Asia-Pacific Vaccine Access Facility (APVAX). “The financing support from the ADB and the World Bank carries low-interest rates, with an average maturity period of at least 10 years,” Joven said.

Source: Philippine Daily Inquirer January 14, 2021 11:15 UTC