Connect with us

Hi, what are you looking for?

Economy

Gov’t eyes P73-billion coronavirus vaccine fund

The Philippines is nearing a deal with AstraZeneca to purchase at least 20 million vaccine doses. — REUTERS/DADO RUVIC/FILE PHOTO

THE government plans to borrow P73.2 billion to buy coronavirus disease 2019 (COVID-19) vaccine for around 60 million Filipinos.

In a televised Cabinet meeting on Monday evening, Finance Secretary Carlo G. Dominguez III said it will source P40 billion from multilateral agencies; P20 billion from domestic government financial institutions; and P13.2 billion from bilateral negotiations from countries where vaccines will come from such as the United States and the United Kingdom.

“So the total is about P73.2-billion financing — that is pretty much almost fixed. Most of it is already fixed. P13.2 billion is not yet completely negotiated,” he said.

Mr. Dominguez said the government estimates the average cost of a complete vaccine dose is around P1,200 each.

Health Secretary Francisco T. Duque III said in the same meeting that 60% to 70% of the country’s total population would need to be vaccinated to reach “herd immunity,” according to the World Health Organization (WHO). The Philippines’ population is currently at 108 million.

The WHO website defines herd immunity as a concept “in which a population can be protected from a certain virus if a threshold of vaccination is reached.”

In the same meeting, National Task Force Against the COVID-19 Chief Implementer Carlito Galvez, Jr. said they are in talks with several vaccine makers for advanced purchases.

Mr. Galvez said the government is looking to sign a deal with AstraZeneca for 20 million doses within the month. Talks are also ongoing with Sinovac Biotech Ltd., and Pfizer, Inc.

According to Reuters, AstraZeneca said on Monday its COVID-19 vaccine, which is cheaper and easier to distribute than other rival vaccines, may be as much as 90% effective.

Mr. Galvez said they may focus the COVID-19 vaccination drive in economic centers where infections are rising, namely Metro Manila, Davao, Cebu, and Bacolod.

The government has said poorest families will be prioritized in the vaccination program, as well as the police and military.

As of Tuesday, the Health department reported 1,118 new COVID-19 cases, bringing the total number to 421,722. — Gillian M. Cortez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed...

Economy

By Abigail Marie P. Yraola, Researcher THE Philippines’ merchandise trade deficit hit another record in June as imports continued to outpace exports despite a...

Economy

THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June. Data...

Economy

By Keisha B. Ta-asan SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio...

Economy

Smart says third telco player’s PCC complaint meant to avoid liability By Arjay L. Balinbin, Senior Reporter GLOBE Telecom, Inc. on Tuesday said it...

Economy

DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.